Item 1. FINANCIAL STATEMENTS

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Item 1. FINANCIAL STATEMENTS

Index to Condensed Consolidated Financial Statements (unaudited)



Condensed Consolidated Statement s of Financial Condition (unaudited)		12

Condensed Consolidated Statements of Operations (unaudited)		14

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)		15

Condensed Consolidated Statements of Equity (unaudited)		16

Condensed Consolidated Statements of Cash Flows (unaudited)		17

Notes to Condensed Consolidated Financial Statements (unaudited)		19

	Note 1. Organization	19

	Note 2. Summary of Significant Accounting Policies	19





	Note 3. Investments	21

	Note 4. Derivatives	29

	Note 5. Variable Interest Entities	33

	Note 6. Fair Value	36

	Note 7. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired	55

	Note 8. Long-duration Contracts	56



	Note 9. Profit Sharing Payable	64

	Note 10. Income Taxes	65

	Note 11. Debt	66

	Note 12. Equity-Based Compensation	68

	Note 13. Equity	69

	Note 14. Earnings per Share	73

	Note 15. Related Parties	74

	Note 16. Commitments and Contingencies	78

	Note 17. Segments	82

	Note 18. Subsequent Events	86

APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)



(In millions, except share data)	As of March 31, 2025		As of December 31, 2024
Assets
Asset Management
Cash and cash equivalents	$	1,871	$	2,692
Restricted cash and cash equivalents	3		3
Investments	6,591		6,086
Assets of consolidated variable interest entities
Cash and cash equivalents	231		158
Investments	1,873		2,806
Other assets	264		84
Due from related parties	634		584
Goodwill	264		264
Other assets	2,677		2,579
	14,408		15,256
Retirement Services
Cash and cash equivalents	11,023		12,733
Restricted cash and cash equivalents	2,210		943
Investments	278,323		262,283
Investments in related parties	29,834		28,884
Assets of consolidated variable interest entities
Cash and cash equivalents	175		583
Investments	24,653		23,424
Other assets	362		565
Reinsurance recoverable	8,790		8,194
Deferred acquisition costs, deferred sales inducements and value of business acquired	7,606		7,173
Goodwill	4,067		4,063
Other assets	13,594		13,794
	380,637		362,639
Total Assets	$	395,045	$	377,895

			(Continued)
See accompanying notes to the unaudited condensed consolidated financial statements.

APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)



(In millions, except share data)	As of March 31, 2025		As of December 31, 2024
Liabilities, Redeemable non-controlling interests and Equity
Liabilities
Asset Management
Accounts payable, accrued expenses, and other liabilities	$	3,773	$	3,616
Due to related parties	708		710
Debt	4,280		4,279
Liabilities of consolidated variable interest entities


Other liabilities	785		1,363
	9,546		9,968
Retirement Services
Interest sensitive contract liabilities	273,439		253,637
Future policy benefits	49,897		49,902
Market risk benefits	4,362		4,028
Debt	6,301		6,309
Payables for collateral on derivatives and securities to repurchase	7,253		11,652
Other liabilities	10,355		9,784
Liabilities of consolidated variable interest entities


Other liabilities	1,548		1,635
	353,155		336,947
Total Liabilities	362,701		346,915
Commitments and Contingencies (note 16)
Redeemable non-controlling interests
Redeemable non-controlling interests	—		16
Equity
Mandatory Convertible Preferred Stock, 28,749,765 and 28,749,765 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	1,398		1,398
Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 570,432,275 and 565,738,933 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	—		—
Additional paid in capital	15,527		15,327
Retained earnings (accumulated deficit)	5,634		6,022
Accumulated other comprehensive income (loss)	(4,583)		(5,494)
Total Apollo Global Management, Inc. Stockholders’ Equity	17,976		17,253
Non-controlling interests	14,368		13,711
Total Equity	32,344		30,964
Total Liabilities, Redeemable non-controlling interests and Equity	$	395,045	$	377,895

			(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements.

APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)


	Three months ended March 31,
(In millions, except per share data)	2025		2024
Revenues
Asset Management
Management fees	$	508	$	438
Advisory and transaction fees, net	195		169
Investment income (loss)	303		402
Incentive fees	40		26
	1,046		1,035
Retirement Services
Premiums	127		101
Product charges	265		238
Net investment income	4,341		3,576
Investment related gains (losses)	(828)		1,677
Revenues of consolidated variable interest entities	592		411
Other revenues	5		2
	4,502		6,005
Total Revenues	5,548		7,040
Expenses
Asset Management
Compensation and benefits	745		667
Interest expense	60		51
General, administrative and other	308		240
	1,113		958
Retirement Services
Interest sensitive contract benefits	1,494		2,884
Future policy and other policy benefits	541		543
Market risk benefits remeasurement (gains) losses	385		(154)
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired	267		207
Policy and other operating expenses	542		453
	3,229		3,933
Total Expenses	4,342		4,891
Other income (loss) – Asset Management
Net gains (losses) from investment activities	(18)		39
Net gains (losses) from investment activities of consolidated variable interest entities	211		25
Other income (loss), net	(218)		(26)
Total Other income (loss)	(25)		38
Income (loss) before income tax (provision) benefit	1,181		2,187
Income tax (provision) benefit	(243)		(422)
Net income (loss)	938		1,765
Net (income) loss attributable to non-controlling interests	(496)		(338)
Net income (loss) attributable to Apollo Global Management, Inc.	442		1,427
Preferred stock dividends	(24)		(24)
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders	$	418	$	1,403

Earnings (loss) per share
Net income (loss) attributable to common stockholders - Basic	$	0.68	$	2.31
Net income (loss) attributable to common stockholders - Diluted	$	0.68	$	2.28
Weighted average shares outstanding – Basic	587.3		588.1
Weighted average shares outstanding – Diluted	593.0		605.4

See accompanying notes to the unaudited condensed consolidated financial statements.

APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)


	Three months ended March 31,
(In millions)	2025		2024
Net income (loss)	$	938	$	1,765
Other comprehensive income (loss), before tax
Unrealized investment gains (losses) on available-for-sale securities	1,492		(738)
Unrealized gains (losses) on hedging instruments	229		(76)
Remeasurement gains (losses) on future policy benefits related to discount rate	(528)		803
Remeasurement gains (losses) on market risk benefits related to credit risk	116		(28)
Foreign currency translation and other adjustments	63		(32)
Other comprehensive income (loss), before tax	1,372		(71)
Income tax expense (benefit) related to other comprehensive income (loss)	273		(4)
Other comprehensive income (loss)	1,099		(67)
Comprehensive income (loss)	2,037		1,698
Comprehensive (income) loss attributable to non-controlling interests	(684)		(336)
Comprehensive income (loss) attributable to Apollo Global Management, Inc.	$	1,353	$	1,362

See accompanying notes to the unaudited condensed consolidated financial statements.

APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)


	For the three months ended March 31, 2024
	Apollo Global Management, Inc. Stockholders
(In millions, except share data)	Common Stock	Series A Mandatory Convertible Preferred Stock		Additional Paid in Capital		Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)		Total Apollo Global Management, Inc. Stockholders’ Equity (Deficit)		Non-Controlling Interests		Total Equity




















Balance at January 1, 2024	567,762,932	$	1,398	$	15,249	$	2,972	$	(5,575)	$	14,044	$	11,189	$	25,233



Other changes in equity of non-controlling interests	—	—		—		—		—		—		1		1
Accretion of redeemable non-controlling interests	—	—		(1)		—		—		(1)		—		(1)


Capital increase related to equity-based compensation	—	—		163		—		—		163		—		163
Capital contributions	—	—		—		—		—		—		1,006		1,006
Dividends/distributions	—	(24)		—		(259)		—		(283)		(316)		(599)

Payments related to issuances of common stock for equity-based awards	3,306,526	—		8		(254)		—		(246)		—		(246)
Repurchase of common stock	(2,337,000)	—		(260)		—		—		(260)		—		(260)
Stock option exercises	271,464	—		8		—		—		8		—		8


Net income (loss)	—	24		—		1,403		—		1,427		338		1,765
Other comprehensive income (loss)	—	—		—		—		(65)		(65)		(2)		(67)
Balance at March 31, 2024	569,003,922	$	1,398	$	15,167	$	3,862	$	(5,640)	$	14,787	$	12,216	$	27,003


	For the three months ended March 31, 2025
	Apollo Global Management, Inc. Stockholders
(In millions, except share data)	Common Stock	Series A Mandatory Convertible Preferred Stock		Additional Paid in Capital		Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)		Total Apollo Global Management, Inc. Stockholders’ Equity (Deficit)		Non-Controlling Interests		Total Equity























Balance at January 1, 2025	565,738,933	$	1,398	$	15,327	$	6,022	$	(5,494)	$	17,253	$	13,711	$	30,964
Consolidation/deconsolidation of VIEs	—	—		—		—		—		—		(442)		(442)
Issuance of warrants	—	—		54		—		—		54		—		54

Other changes in equity of non-controlling interests	—	—		—		—		—		—		(5)		(5)
Issuance of common stock related to equity transactions	540,177	—		—		—		—		—		—		—
Accretion of redeemable non-controlling interests	—	—		5		—		—		5		—		5


Issuance of common stock to donor-advised fund	1,213,003	—		200		—		—		200		—		200
Capital increase related to equity-based compensation	—	—		128		—		—		128		—		128
Capital contributions	—	—		—		—		—		—		636		636
Dividends/distributions	—	(24)		—		(278)		—		(302)		(216)		(518)

Payments related to issuances of common stock for equity-based awards	4,332,162	—		6		(528)		—		(522)		—		(522)
Repurchase of common stock	(1,392,000)	—		(193)		—		—		(193)		—		(193)




Net income (loss)	—	24		—		418		—		442		496		938
Other comprehensive income (loss)	—	—		—		—		911		911		188		1,099
Balance at March 31, 2025	570,432,275	$	1,398	$	15,527	$	5,634	$	(4,583)	$	17,976	$	14,368	$	32,344


See accompanying notes to the unaudited condensed consolidated financial statements.

APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	Three months ended March 31,
(In millions)	2025		2024
Cash Flows from Operating Activities
Net income (loss)	$	938	$	1,765
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity-based compensation	149		189
Net investment income	(370)		(416)
Net recognized (gains) losses on investments and derivatives	306		(2,094)
Depreciation and amortization	308		238
Net amortization (accretion) of net investment premiums, discount and other	(42)		(5)

Policy acquisition costs deferred	(515)		(459)
Other non-cash amounts included in net income (loss), net	300		72
Changes in consolidation	(23)		—
Changes in operating assets and liabilities:
Purchases of investments by funds and VIEs	(871)		(1,521)
Proceeds from sale of investments by funds and VIEs	1,191		879
Interest sensitive contract liabilities	519		2,132
Future policy benefits, market risk benefits and reinsurance recoverable	(289)		(671)
Other assets and liabilities, net	(589)		(39)
Net cash provided by operating activities	$	1,012	$	70
Cash Flows from Investing Activities
Purchases of investments and contributions to equity method investments	$	(1,336)	$	(634)
Purchases of available-for-sale securities	(24,317)		(18,464)
Purchases of mortgage loans	(9,013)		(5,714)
Purchases of investment funds	(714)		(612)
Purchases of U.S. Treasury securities	(444)		—
Purchases of derivatives instruments and other investments	(942)		(857)
Sales, maturities and repayments of investments and distributions from equity method investments	18,976		9,601

Other investing activities, net	902		295
Net cash used in investing activities	$	(16,888)	$	(16,385)
Cash Flows from Financing Activities
Issuance of debt	$	294	$	2,827

Repayment of debt	(818)		(524)

Repurchase of common stock	(193)		(260)

Common stock dividends	(278)		(259)
Preferred stock dividends	(24)		(24)
Distributions paid to non-controlling interests	(210)		(305)
Contributions from non-controlling interests	607		1,001




Deposits on investment-type policies and contracts	25,306		20,803
Withdrawals on investment-type policies and contracts	(5,248)		(4,786)

Net change in cash collateral posted for derivative transactions and securities to repurchase	(4,399)		611

Other financing activities, net	(763)		(742)
Net cash provided by financing activities	$	14,274	$	18,342
Effect of exchange rate changes on cash and cash equivalents	3		(2)
Net increase (decrease) in cash and cash equivalents, restricted cash and cash held at consolidated variable interest entities	(1,599)		2,025
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, beginning of period	17,112		17,691
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, end of period	$	15,513	$	19,716

			(Continued)

APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	Three months ended March 31,
(In millions)	2025		2024
Supplemental Disclosure of Cash Flow Information
Cash paid for taxes	$	310	$	338
Cash paid for interest	321		167
Non-cash transactions



Non-cash investing activities









Retirement Services
Investments received from settlements on reinsurance agreements	—		48





Non-cash financing activities
Asset Management and Other
Capital increases related to equity-based compensation	121		153


Issuance of warrants	54		—
Issuance of restricted shares	6		9


Issuance of common stock to donor-advise fund	200		—

Retirement Services
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded)	(483)		(1,062)
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded)	1,761		1,998

Distributions to non-controlling interests	—		11

Supplemental Disclosure of Cash Flow Information of Consolidated VIEs
Cash Flows from Operating Activities
Purchases of investments - Asset Management	(871)		(1,521)
Proceeds from sale of investments - Asset Management	1,191		879
Cash Flows from Investing Activities
Purchases of investments - Retirement Services	(1,399)		(589)
Proceeds from sale of investments - Retirement Services	938		117





Cash Flows from Financing Activities
Issuance of debt	294		1,258
Principal repayment of debt	(818)		(499)
Distributions paid to non-controlling interests	(69)		(5)
Contributions from non-controlling interests	604		593
Other financing activities, net	(187)		—


Changes in Consolidation
Investments, at fair value	(549)		1

Other assets	(14)		—

Notes payable	—		(2)
Other liabilities	88		—
Non-controlling interest	442		1
Equity	56		—









Reconciliation of cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities to the condensed consolidated Statements of Financial Condition:
Cash and cash equivalents	$	12,894	$	17,723
Restricted cash and cash equivalents	2,213		1,577
Cash and cash equivalents held at consolidated variable interest entities	406		416
Total cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities	$	15,513	$	19,716

			(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. Organization

Apollo Global Management, Inc. together with its consolidated subsidiaries (collectively, “Apollo” or the “Company”) is a high-growth, global alternative asset manager and a retirement services provider. Its asset management business focuses on two investing strategies: credit and equity. Through its asset management business, Apollo raises, invests and manages funds, accounts and other vehicles, on behalf of some of the world’s most prominent pension, endowment and sovereign wealth funds and insurance companies, as well as other institutional and individual investors. Apollo’s retirement services business is conducted by Athene, a leading financial services company that specializes in issuing, reinsuring and acquiring retirement savings products for the increasing number of individuals and institutions seeking to fund retirement needs.

Bridge Acquisition

On February 23, 2025, the Company entered into a definitive agreement for Apollo to acquire Bridge Investment Group Holdings Inc. (“Bridge”) in an all-stock transaction. The transaction is expected to close in the second half of 2025, subject to customary closing conditions and the receipt of regulatory approvals.

2. Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

The accompanying unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information and the SEC’s rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Certain disclosures included in the annual audited financial statements have been condensed or omitted as they are not required for interim financial statements under U.S. GAAP and the rules of the SEC. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the annual audited financial statements included in the 2024 Annual Report.

The results of the Company and its subsidiaries are presented on a consolidated basis. Any ownership interest other than the Company’s interest in its subsidiaries is reflected as a non-controlling interest. Intercompany accounts and transactions have been eliminated. Management believes it has made all necessary adjustments (consisting only of normal recurring items) so that the condensed consolidated financial statements are presented fairly and that any estimates made are reasonable and prudent. Certain reclassifications have been made to previously reported amounts to conform to the current period’s presentation.

The Company’s principal subsidiaries, AAM and AHL, together with their subsidiaries, operate an asset management business and a retirement services business, respectively, which possess distinct characteristics. As a result, the Company’s financial statement presentation is organized into two tiers: asset management and retirement services. The Company believes that separate presentation provides a more informative view of the Company’s consolidated financial condition and results of operations than an aggregated presentation.

Deferred Revenue

Apollo records deferred revenue, which is a type of contract liability, when consideration is received in advance of management services provided. Deferred revenue is reversed and recognized as revenue over the period that the agreed upon services are performed. It is included in accounts payable, accrued expenses, and other liabilities in the condensed consolidated statements of financial condition. There was $79 million of revenue recognized during the three months ended March 31, 2025 that was previously deferred as of January 1, 2025.

Recently Issued Accounting Pronouncements

Income Taxes—Improvements to Income Tax Disclosures (ASU 2023-09)

In December 2023, the FASB made amendments to update disclosures on income taxes including rate reconciliation, income taxes paid, and certain amendments on disaggregation by federal, state, and foreign taxes, as relevant.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The guidance is mandatorily effective for the Company for annual periods beginning in 2025. The Company is currently evaluating the impact of the new standard on its consolidated financial statements.

Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (ASU 2024-03)

In November 2024, the FASB issued guidance that requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The ASU requires tabular presentation of each relevant expense caption on the face of the income statement including employee compensation, depreciation, intangible asset amortization, and certain other expenses, when applicable.

The guidance is mandatorily effective for the Company in its 2027 annual report and in interim periods in 2028; early adoption is permitted. The Company is currently evaluating the impact of the new pronouncement on its consolidated financial statements.

Recently Adopted Accounting Pronouncements

Business Combinations – Joint Venture Formations (ASU 2023-05)

In August 2023, the FASB issued amendments to address how a joint venture initially recognizes and measures contributions received at its formation date. The amendments require a joint venture to apply a new basis of accounting upon formation and to initially recognize its assets and liabilities at fair value.

The Company adopted the guidance on January 1, 2025, and there was no impact on the condensed consolidated financial statements upon adoption.

Intangibles—Goodwill and Other—Crypto Assets: Accounting for and Disclosure of Crypto Assets (ASU 2023-08)

In December 2023, the FASB issued amendments on the accounting for and disclosure of crypto assets. The guidance requires assets that meet certain conditions be accounted for at fair value with changes in fair value recognized in net income. The ASU also requires disclosures about significant holdings, contractual sale restrictions, and changes during the reporting period.

The Company adopted the guidance on January 1, 2025, and there was no impact on the condensed consolidated financial statements upon adoption.

Compensation – Stock Compensation (ASU 2024-01)

In March 2024, the FASB issued guidance in ASU 2024-01 that clarifies how an entity determines whether it is required to account for profits interest awards (and similar awards) in accordance with ASC 718 or other guidance. The ASU provides specific examples on when a profits interest award should be accounted for as a share-based payment arrangement under ASC 718 or in a manner similar to a cash bonus or profit-sharing arrangement under ASC 710 or other ASC topics.

The Company adopted the guidance on January 1, 2025, and there was no impact on the condensed consolidated financial statements upon adoption.

Segment Reporting – Improvements to Reporting Segment Disclosures (ASU 2023-07)

In November 2023, the FASB issued guidance to incrementally add disclosures for public entities’ reporting segments including significant segment expenses and other segment items.

The Company adopted the guidance for the annual reporting period ended December 31, 2024, and in interim periods beginning January 1, 2025. Refer to Note 17, Segments, for the expanded disclosures.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. Investments

The following table outlines the Company’s investments:


(In millions)	March 31, 2025		December 31, 2024
Asset Management
Investments, at fair value	$	1,546	$	1,384
Equity method investments	1,127		1,082
Performance allocations	3,112		3,262
U.S. Treasury securities, at fair value	448		—
Other investments	358		358
Total Investments – Asset Management	6,591		6,086
Retirement Services
AFS securities, at fair value	$	196,541	$	184,167
Trading securities, at fair value	2,543		2,156
Equity securities, at fair value	1,299		1,524
Mortgage loans, at fair value	72,212		64,536
Investment funds	2,039		1,960
Policy loans	313		318
Funds withheld at interest	22,670		23,916
Derivative assets	6,153		8,154
Short-term investments	1,036		1,190
Other investments	3,351		3,246
Total Investments, including related parties – Retirement Services	308,157		291,167
Total Investments	$	314,748	$	297,253

Asset Management

Net Gains (Losses) from Investment Activities

The following outlines realized and net change in unrealized gains (losses) reported in net gains (losses) from investment activities:


	Three months ended March 31,
(In millions)	2025		2024
Realized gains (losses) on sales of investments, net	$	(9)	$	1
Net change in unrealized gains (losses) due to changes in fair value	(9)		38
Net gains (losses) from investment activities	$	(18)	$	39

Performance Allocations

Performance allocations receivable is recorded within investments in the condensed consolidated statements of financial condition. The table below provides a roll forward of the performance allocations balance:


(In millions)	Total



Performance allocations, January 1, 2025	$	3,262
Change in fair value of funds	245
Fund distributions to the Company	(395)
Performance allocations, March 31, 2025	$	3,112

The change in fair value of funds excludes the general partner obligation to return previously distributed performance allocations, which is recorded in due to related parties in the condensed consolidated statements of financial condition.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The timing of the payment of performance allocations due to the general partner or investment manager varies depending on the terms of the applicable fund agreements. Generally, performance allocations with respect to the equity funds and certain credit funds we manage are payable and are distributed to the fund’s general partner upon realization of an investment if the fund’s cumulative returns are in excess of the preferred return.

Retirement Services

AFS Securities

The following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of Athene’s AFS investments by asset type:


	March 31, 2025
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
U.S. government and agencies	$	10,503	$	—	$	60	$	(1,088)	$	9,475
U.S. state, municipal and political subdivisions	1,100		—		—		(226)		874
Foreign governments	2,103		—		3		(496)		1,610
Corporate	98,527		(174)		593		(10,742)		88,204
CLO	30,094		—		282		(310)		30,066
ABS	25,796		(82)		228		(485)		25,457
CMBS	12,482		(60)		80		(394)		12,108
RMBS	9,280		(392)		244		(373)		8,759
Total AFS securities	189,885		(708)		1,490		(14,114)		176,553
AFS securities – related parties
Corporate	2,152		—		18		(23)		2,147
CLO	6,623		—		17		(51)		6,589
ABS	11,483		(1)		24		(254)		11,252

Total AFS securities – related parties	20,258		(1)		59		(328)		19,988
Total AFS securities, including related parties	$	210,143	$	(709)	$	1,549	$	(14,442)	$	196,541


	December 31, 2024
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
U.S. government and agencies	$	8,413	$	—	$	8	$	(1,270)	$	7,151
U.S. state, municipal and political subdivisions	1,167		—		—		(246)		921
Foreign governments	2,082		—		—		(514)		1,568
Corporate	95,006		(175)		485		(11,731)		83,585
CLO	29,524		—		266		(608)		29,182
ABS	24,779		(76)		138		(640)		24,201
CMBS	11,158		(60)		75		(432)		10,741
RMBS	8,587		(397)		228		(403)		8,015
Total AFS securities	180,716		(708)		1,200		(15,844)		165,364
AFS securities – related parties
Corporate	2,150		—		18		(31)		2,137
CLO	6,130		—		18		(113)		6,035
ABS	10,899		(1)		21		(288)		10,631
Total AFS securities – related parties	19,179		(1)		57		(432)		18,803
Total AFS securities, including related parties	$	199,895	$	(709)	$	1,257	$	(16,276)	$	184,167

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The amortized cost and fair value of AFS securities, including related parties, are shown by contractual maturity below:


	March 31, 2025
(In millions)	Amortized Cost		Fair Value
AFS securities
Due in one year or less	$	2,925	$	2,895
Due after one year through five years	23,015		22,714
Due after five years through ten years	29,985		28,177
Due after ten years	56,308		46,377
CLO, ABS, CMBS and RMBS	77,652		76,390
Total AFS securities	189,885		176,553
AFS securities – related parties

Due after one year through five years	1,103		1,103
Due after five years through ten years	825		835
Due after ten years	224		209
CLO and ABS	18,106		17,841
Total AFS securities – related parties	20,258		19,988
Total AFS securities, including related parties	$	210,143	$	196,541

Actual maturities can differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Unrealized Losses on AFS Securities

The following summarizes the fair value and gross unrealized losses for AFS securities, including related parties, for which an allowance for credit losses has not been recorded, aggregated by asset type and length of time the fair value has remained below amortized cost:


	March 31, 2025
	Less than 12 months				12 months or more				Total
(In millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
AFS securities
U.S. government and agencies	$	2,028	$	(57)	$	3,555	$	(1,030)	$	5,583	$	(1,087)
U.S. state, municipal and political subdivisions	40		(2)		810		(224)		850		(226)
Foreign governments	192		(17)		1,418		(479)		1,610		(496)
Corporate	17,652		(619)		41,957		(10,084)		59,609		(10,703)
CLO	6,972		(35)		1,843		(137)		8,815		(172)
ABS	5,952		(122)		3,346		(237)		9,298		(359)
CMBS	3,793		(78)		1,542		(260)		5,335		(338)
RMBS	737		(10)		1,082		(134)		1,819		(144)
Total AFS securities	37,366		(940)		55,553		(12,585)		92,919		(13,525)
AFS securities – related parties
Corporate	62		(1)		367		(22)		429		(23)
CLO	2,108		(8)		283		(16)		2,391		(24)
ABS	2,048		(16)		3,663		(222)		5,711		(238)

Total AFS securities – related parties	4,218		(25)		4,313		(260)		8,531		(285)
Total AFS securities, including related parties	$	41,584	$	(965)	$	59,866	$	(12,845)	$	101,450	$	(13,810)

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


	December 31, 2024
	Less than 12 months				12 months or more				Total
(In millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
AFS securities
U.S. government and agencies	$	3,010	$	(114)	$	3,462	$	(1,156)	$	6,472	$	(1,270)
U.S. state, municipal and political subdivisions	67		(3)		842		(243)		909		(246)
Foreign governments	830		(205)		738		(309)		1,568		(514)
Corporate	19,530		(673)		44,051		(10,997)		63,581		(11,670)
CLO	2,675		(48)		2,325		(215)		5,000		(263)
ABS	9,361		(155)		4,070		(309)		13,431		(464)
CMBS	1,868		(56)		1,773		(315)		3,641		(371)
RMBS	825		(13)		1,261		(157)		2,086		(170)
Total AFS securities	38,166		(1,267)		58,522		(13,701)		96,688		(14,968)
AFS securities – related parties
Corporate	471		(4)		365		(26)		836		(30)
CLO	586		(10)		544		(56)		1,130		(66)
ABS	2,533		(43)		3,355		(235)		5,888		(278)
Total AFS securities – related parties	3,590		(57)		4,264		(317)		7,854		(374)
Total AFS securities, including related parties	$	41,756	$	(1,324)	$	62,786	$	(14,018)	$	104,542	$	(15,342)

The following summarizes the number of AFS securities that were in an unrealized loss position, including related parties, for which an allowance for credit losses has not been recorded:


	March 31, 2025
	Unrealized Loss Position	Unrealized Loss Position 12 Months or More
AFS securities	7,495	5,728
AFS securities – related parties	160	69

The unrealized losses on AFS securities can primarily be attributed to changes in market interest rates since acquisition. Athene did not recognize the unrealized losses in income, unless as required for hedge accounting, as it intends to hold these securities and it is not more likely than not it will be required to sell a security before the recovery of its amortized cost.

Allowance for Credit Losses

The following table summarizes the activity in the allowance for credit losses for AFS securities by asset type:


	Three months ended March 31, 2025
			Additions		Reductions
(In millions)	Beginning balance		Initial credit losses			Securities sold during the period		Additions (reductions) to previously impaired securities		Ending balance
AFS securities



Corporate	$	175	$	—		$	—	$	(1)	$	174

ABS	76		1			(1)		6		82
CMBS	60		—			—		—		60
RMBS	397		2			(7)		—		392
Total AFS securities	708		3			(8)		5		708



AFS securities – related parties, ABS	1		—			—		—		1


Total AFS securities, including related parties	$	709	$	3		$	(8)	$	5	$	709

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


	Three months ended March 31, 2024
			Additions		Reductions
(In millions)	Beginning balance		Initial credit losses			Securities sold during the period		Additions (reductions) to previously impaired securities		Ending balance
AFS securities



Corporate	$	129	$	7		$	(8)	$	(1)	$	127
CLO	2		—			—		(1)		1
ABS	49		2			—		—		51
CMBS	29		1			—		1		31
RMBS	381		4			(4)		6		387
Total AFS securities	590		14			(12)		5		597



AFS securities – related parties, ABS	1		—			—		—		1

Total AFS securities, including related parties	$	591	$	14		$	(12)	$	5	$	598

Net Investment Income

Net investment income by asset class consists of the following:


	Three months ended March 31,
(In millions)		2025		2024
AFS securities		$	2,664	$	2,137
Trading securities		42		41
Equity securities		15		17
Mortgage loans		1,123		814
Investment funds		38		9
Funds withheld at interest		265		363
Other		230		211
Investment revenue		4,377		3,592
Investment expenses		(36)		(16)
Net investment income		$	4,341	$	3,576

Investment Related Gains (Losses)

Investment related gains (losses) by asset class consists of the following:


	Three months ended March 31,
(In millions)		2025		2024
AFS securities1
Gross realized gains on investment activity		$	711	$	67
Gross realized losses on investment activity		(235)		(347)
Net realized investment gains (losses) on AFS securities		476		(280)
Net recognized investment gains (losses) on trading securities		80		(65)
Net recognized investment gains on equity securities		15		39
Net recognized investment gains (losses) on mortgage loans		1,014		(358)
Derivative gains (losses)		(1,512)		1,431
Provision for credit losses		(8)		(10)
Other gains (losses)		(893)		920
Investment related gains (losses)		$	(828)	$	1,677

1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Proceeds from sales of AFS securities were $8,945 million and $3,718 million for the three months ended March 31, 2025 and 2024, respectively.

The following table summarizes the change in unrealized gains (losses) on trading and equity securities held as of the respective period end:


	Three months ended March 31,
(In millions)		2025		2024
Trading securities		$	21	$	(20)
Equity securities		12		38

Repurchase Agreements

The following table summarizes the remaining contractual maturities of repurchase agreements:


(In millions)	March 31, 2025		December 31, 2024

Less than 30 days	$	—	$	2,752
30 – 90 days	1,095		300
91 days to 1 year	—		1,095
Greater than 1 year	1,969		1,569
Payables for repurchase agreements	$	3,064	$	5,716

The following table summarizes the securities pledged as collateral for repurchase agreements:


	March 31, 2025				December 31, 2024
(In millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
AFS securities
U.S. government and agencies	$	—	$	—	$	3,253	$	2,693

Foreign governments	163		111		159		107
Corporate	2,277		1,979		1,877		1,573
CLO	587		588		587		588
ABS	600		559		596		552

RMBS	—		—		369		365

Total securities pledged under repurchase agreements	$	3,627	$	3,237	$	6,841	$	5,878

Reverse Repurchase Agreements

As of March 31, 2025 and December 31, 2024, amounts loaned under reverse repurchase agreements were $965 million and $935 million, respectively, and the fair value of the collateral, comprised primarily of asset-backed securities and commercial mortgage loans, was $2,200 million and $2,208 million, respectively.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Mortgage Loans, including related parties and consolidated VIEs

Mortgage loans include both commercial and residential loans. Athene has elected the fair value option on its mortgage loan portfolio. See note 6 for further fair value option information. The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance:


(In millions)	March 31, 2025		December 31, 2024
Commercial mortgage loans	$	34,854	$	32,544
Commercial mortgage loans under development	1,962		1,987
Total commercial mortgage loans	36,816		34,531
Mark to fair value	(2,156)		(2,099)
Commercial mortgage loans	34,660		32,432
Residential mortgage loans	39,903		35,223
Mark to fair value	168		(540)
Residential mortgage loans	40,071		34,683
Mortgage loans	$	74,731	$	67,115

Athene invests in commercial mortgage loans, primarily on income producing properties including office and retail buildings, apartments, hotels, and industrial properties. Athene diversifies the commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. Athene evaluates mortgage loans based on relevant current information to confirm whether properties are performing at a consistent and acceptable level to secure the related debt.

The distribution of commercial mortgage loans, including those under development, by property type and geographic region is as follows:


	March 31, 2025				December 31, 2024
(In millions, except percentages)	Fair Value		Percentage of Total		Fair Value		Percentage of Total
Property type
Apartment	$	13,559	39.1	%	$	11,746	36.2	%
Industrial	7,223		20.8	%	6,793		21.0	%
Office building	4,157		12.0	%	4,162		12.8	%
Hotels	2,900		8.4	%	2,786		8.6	%
Retail	2,201		6.4	%	2,269		7.0	%
Other commercial	4,620		13.3	%	4,676		14.4	%
Total commercial mortgage loans	$	34,660	100.0	%	$	32,432	100.0	%

U.S. region
East North Central	$	1,535	4.4	%	$	1,546	4.8	%
East South Central	430		1.3	%	438		1.3	%
Middle Atlantic	9,195		26.5	%	8,386		25.9	%
Mountain	1,470		4.2	%	1,322		4.1	%
New England	1,101		3.2	%	1,118		3.4	%
Pacific	6,160		17.8	%	5,768		17.8	%
South Atlantic	6,424		18.5	%	6,198		19.1	%
West North Central	327		1.0	%	221		0.7	%
West South Central	2,139		6.2	%	1,971		6.1	%
Total U.S. region	28,781		83.1	%	26,968		83.2	%
International region
United Kingdom	2,296		6.6	%	2,281		7.0	%
Other international1	3,583		10.3	%	3,183		9.8	%
Total international region	5,879		16.9	%	5,464		16.8	%
Total commercial mortgage loans	$	34,660	100.0	%	$	32,432	100.0	%

1 Represents all other countries, with each individual country comprising less than 5% of the portfolio.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Athene’s residential mortgage loan portfolio primarily consists of first lien residential mortgage loans collateralized by properties in various geographic locations and is summarized by proportion of the portfolio in the following table:


	March 31, 2025		December 31, 2024
U.S. States
California	25.5	%	25.6	%
Florida	12.2	%	12.4	%
Texas	7.5	%	7.4	%
New York	5.0	%	4.7	%
Other1	41.4	%	40.8	%
Total U.S. residential mortgage loan percentage	91.6	%	90.9	%
International

Other1	8.4	%	9.1	%

Total residential mortgage loan percentage	100.0	%	100.0	%

1 Represents all other states or countries, with each individual state or country comprising less than 5% of the portfolio.

Investment Funds

Athene’s investment fund portfolio strategy primarily focuses on core holdings of strategic origination and retirement services platforms, equity and credit, and other funds. Strategic origination platforms include investments sourced by affiliated platforms that originate loans to third parties and in which Athene gains exposure directly to the loan or indirectly through its ownership of the origination platform and/or securitizations of assets originated by the origination platform. Retirement services platforms include investments in equity of financial services companies. The credit strategy is comprised of direct origination, asset-backed, multi-credit and opportunistic credit funds focused on generating excess returns through high-quality credit underwriting and origination. The equity strategy is comprised of private equity, hybrid value, secondaries equity, real estate equity, impact investing, infrastructure and clean transition equity funds that raise capital from investors to pursue control-oriented investments across the universe of private assets. Investment funds can meet the definition of VIEs. The investment funds do not specify timing of distributions on the funds’ underlying assets.

The following summarizes Athene’s investment funds, including related parties and consolidated VIEs:


	March 31, 2025				December 31, 2024
(In millions, except percentages)	Carrying Value		Percentage of Total		Carrying Value		Percentage of Total
Investment funds
Equity	$	104	0.5	%	$	107	0.6	%



Investment funds – related parties
Strategic origination platforms	31		0.2	%	29		0.2	%
Retirement services platforms	1,357		6.7	%	1,317		6.7	%
Equity	221		1.1	%	244		1.2	%
Credit	319		1.6	%	253		1.3	%
Other	7		—	%	10		0.1	%
Total investment funds – related parties	1,935		9.6	%	1,853		9.5	%
Investment funds – consolidated VIEs
Strategic origination platforms	6,825		33.7	%	6,347		32.3	%

Equity	7,194		35.6	%	7,597		38.7	%
Credit	3,262		16.1	%	3,062		15.6	%
Other	906		4.5	%	654		3.3	%
Total investment funds – consolidated VIEs	18,187		89.9	%	17,660		89.9	%
Total investment funds, including related parties and consolidated VIEs	$	20,226	100.0	%	$	19,620	100.0	%

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Concentrations—The following table represents Athene’s investment concentrations in excess of 10% of stockholders’ equity:


(In millions)	March 31, 2025
AP Grange Holdings, LLC	$	4,710
Fox Hedge L.P.	3,208
Atlas Securitized Products Holdings LP (Atlas)1	3,189
Blackstone Private Credit	1,904

	December 31, 2024
AP Grange Holdings, LLC	$	4,661
Atlas1	3,172
Fox Hedge L.P.	2,924
1 Related party amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party. See further discussion of these related parties in note 15.

4. Derivatives

Athene uses a variety of derivative instruments to manage risks, primarily equity, interest rate, foreign currency and market volatility. See note 6 for information about the fair value hierarchy for derivatives.

The following table presents the notional amount and fair value of derivative instruments:


	March 31, 2025							December 31, 2024
	Notional Amount		Fair Value					Notional Amount	Fair Value
(In millions)		Assets			Liabilities			Assets	Liabilities
Derivatives designated as hedges
Foreign currency hedges
Swaps	17,448		$	664		$	201	15,669	$	938	$	211
Forwards	3,109		257			10		3,139	331		5
Interest rate swaps	4,382		10			498		4,506	—		654
Forwards on net investments	224		—			1		218	11		—
Interest rate swaps	25,256		76			65		24,885	55		138
Total derivatives designated as hedges			1,007			775			1,335		1,008
Derivatives not designated as hedges
Equity options	88,024		4,027			156		85,452	5,002		126
Futures	42		88			5		37	93		11
Foreign currency swaps	17,066		389			270		14,908	600		199
Interest rate swaps and forwards	3,252		67			192		3,255	67		124
Other swaps	2,151		6			5		2,644	3		5
Foreign currency forwards	39,745		569			1,962		39,598	1,054		2,083

Embedded derivatives
Funds withheld, including related parties			(3,387)			23			(3,650)		4
Interest sensitive contract liabilities			—			10,747			—		11,242
Total derivatives not designated as hedges			1,759			13,360			3,169		13,794
Total derivatives			$	2,766		$	14,135		$	4,504	$	14,802

Derivatives Designated as Hedges

Cash Flow Hedges

Athene uses interest rate swaps to convert floating-rate interest payments to fixed-rate interest payments to reduce exposure to interest rate changes. The interest rate swaps will expire by July 2031. During the three months ended March 31, 2025 and 2024, Athene recognized gains of $96 million and losses of $21 million, respectively, in OCI associated with these hedges. There were no amounts deemed ineffective during the three months ended March 31, 2025 and 2024. As of March 31, 2025, no amounts were expected to be reclassified to income within the next 12 months.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Fair Value Hedges

Athene uses foreign currency forward contracts, foreign currency swaps, foreign currency interest rate swaps and interest rate swaps that are designated and accounted for as fair value hedges to hedge certain exposures to foreign currency risk and interest rate risk. The foreign currency forward price is agreed upon at the time of the contract and payment is made at a specified future date.

The following represents the carrying amount and the cumulative fair value hedging adjustments included in the hedged assets or liabilities:


	March 31, 2025				December 31, 2024
(In millions)	Carrying amount of the hedged assets or liabilities1		Cumulative amount of fair value hedging gains (losses)		Carrying amount of the hedged assets or liabilities1		Cumulative amount of fair value hedging gains (losses)
AFS securities
Foreign currency forwards	$	2,871	$	(104)	$	3,790	$	(258)
Foreign currency swaps	13,153		(298)		12,517		(842)
Interest sensitive contract liabilities
Foreign currency swaps	4,571		9		2,426		130
Foreign currency interest rate swaps	4,187		354		3,946		488
Interest rate swaps	18,264		5		17,873		130

1 The carrying amount disclosed for AFS securities is amortized cost.

The following is a summary of the gains (losses) related to the derivatives and related hedged items in fair value hedge relationships:


							Amounts excluded
(In millions)	Derivatives		Hedged items		Net		Recognized in income through amortization approach		Recognized in income through changes in fair value
Three months ended March 31, 2025
Investment related gains (losses)
Foreign currency forwards	$	(115)	$	104	$	(11)	$	10	$	—
Foreign currency swaps	(332)		359		27		—		—
Foreign currency interest rate swaps	137		(134)		3		—		—
Interest rate swaps	129		(125)		4		—		—
Interest sensitive contract benefits
Foreign currency interest rate swaps	23		(23)		—		—		—
Three months ended March 31, 2024
Investment related gains (losses)
Foreign currency forwards	136		(132)		4		18		9
Foreign currency swaps	112		(114)		(2)		—		—
Foreign currency interest rate swaps	(116)		117		1		—		—
Interest rate swaps	(106)		75		(31)		—		—
Interest sensitive contract benefits
Foreign currency interest rate swaps	16		(16)		—		—		—

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI:


	Three months ended March 31,
(In millions)	2025		2024
Foreign currency forwards	$	26	$	(17)
Foreign currency swaps	107		(38)

Net Investment Hedges

Athene uses foreign currency forwards to hedge the foreign currency exchange rate risk of its investments in subsidiaries that have a reporting currency other than the U.S. dollar. Hedge effectiveness is assessed based on the changes in forward rates. During the three months ended March 31, 2025 and 2024, these derivatives had losses of $8 million and gains of $3 million, respectively. These derivatives are included in foreign currency translation and other adjustments on the condensed consolidated statements of comprehensive income (loss). As of March 31, 2025 and December 31, 2024, the cumulative foreign currency translations recorded in AOCI related to these net investment hedges were gains of $21 million and $29 million, respectively. During the three months ended March 31, 2025 and 2024, there were no amounts deemed ineffective.

Derivatives Not Designated as Hedges

Equity options

Athene uses equity indexed options to economically hedge fixed indexed annuity products that guarantee the return of principal to the policyholder and credit interest based on a percentage of the gain in a specified market index, including the S&P 500 and other bespoke indices. To hedge against adverse changes in equity indices, Athene enters into contracts to buy equity indexed options. The contracts are net settled in cash based on differentials in the indices at the time of exercise and the strike price.

Futures

Athene purchases futures contracts to hedge the growth in interest credited to the customer as a direct result of increases in the related indices. Athene enters into exchange-traded futures with regulated futures commission clearing brokers who are members of a trading exchange. Under exchange-traded futures contracts, Athene agrees to purchase a specified number of contracts with other parties and to post variation margin on a daily basis in an amount equal to the difference in the daily fair values of those contracts.

Interest rate swaps and forwards

Athene uses interest rate swaps and forwards to reduce market risks from interest rate changes and to alter interest rate exposure arising from duration mismatches between assets and liabilities. With an interest rate swap, Athene agrees with another party to exchange the difference between fixed-rate and floating-rate interest amounts tied to an agreed-upon notional principal amount at specified intervals.

Other swaps

Other swaps include total return swaps, credit default swaps and swaptions. Athene purchases total rate of return swaps to gain exposure and benefit from a reference asset or index without ownership. Credit default swaps provide a measure of protection against the default of an issuer or allow Athene to gain credit exposure to an issuer or traded index. Athene uses credit default swaps coupled with a bond to synthetically create the characteristics of a reference bond. Swaptions provide an option to enter into an interest rate swap and are used by Athene to hedge against interest rate exposure.

Embedded derivatives

Athene has embedded derivatives which are required to be separated from their host contracts and reported as derivatives. Host contracts include reinsurance agreements structured on a modco or funds withheld basis and indexed annuity products.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The following is a summary of the gains (losses) related to derivatives not designated as hedges:


	Three months ended March 31,
(In millions)	2025		2024
Equity options	$	(936)	$	1,597
Futures	(7)		127
Interest rate swaps and forwards and other swaps	(346)		39
Foreign currency forwards	(210)		(310)

Embedded derivatives on funds withheld	158		(75)
Amounts recognized in investment related gains (losses)	(1,341)		1,378
Embedded derivatives in indexed annuity products1	1,003		(1,177)
Total gains (losses) on derivatives not designated as hedges	$	(338)	$	201

1 Included in interest sensitive contract benefits on the condensed consolidated statements of operations.

Credit Risk

Athene may be exposed to credit-related losses in the event of counterparty nonperformance on derivative financial instruments. Generally, the current credit exposure of Athene’s derivative contracts is the fair value at the reporting date less any collateral received from the counterparty.

Athene manages credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties. Where possible, Athene maintains collateral arrangements and uses master netting agreements that provide for a single net payment from one counterparty to another at each due date and upon termination. Athene has also established counterparty exposure limits, where possible, in order to evaluate if there is sufficient collateral to support the net exposure.

Collateral arrangements typically require the posting of collateral in connection with its derivative instruments. Collateral agreements often contain posting thresholds, some of which may vary depending on the posting party’s financial strength ratings. Additionally, a decrease in Athene’s financial strength rating to a specified level can result in settlement of the derivative position.

The estimated fair value of Athene’s net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows:


			Gross amounts not offset on the condensed consolidated statements of financial condition
(In millions)	Gross amount recognized1		Financial instruments2		Collateral (received)/pledged		Net amount		Off-balance sheet securities collateral3		Net amount after securities collateral
March 31, 2025
Derivative assets	$	6,153	$	(1,787)	$	(4,177)	$	189	$	(164)	$	25
Derivative liabilities	(3,365)		1,787		1,396		(182)		243		61

December 31, 2024
Derivative assets	$	8,154	$	(2,209)	$	(5,922)	$	23	$	—	$	23
Derivative liabilities	(3,556)		2,209		1,333		(14)		2		(12)

1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated statements of financial condition. As of March 31, 2025 and December 31, 2024, amounts not subject to master netting or similar agreements were immaterial.
2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated statements of financial condition.
3 For non-cash collateral received, Athene does not recognize the collateral on the condensed consolidated statements of financial condition unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

5. Variable Interest Entities

A variable interest in a VIE is an investment or other interest that will absorb portions of the VIE’s expected losses and/or receive expected residual returns. Variable interests in consolidated VIEs and unconsolidated VIEs are discussed separately below.

Consolidated VIEs

Consolidated VIEs include certain CLOs and funds managed by the Company and other entities where the Company is deemed the primary beneficiary.

The assets of consolidated VIEs are not available to creditors of the Company, and the investors in these consolidated VIEs have no recourse against the assets of the Company. Similarly, there is no recourse to the Company for the consolidated VIEs’ liabilities.

Other assets of the consolidated VIEs include short-term receivables due from investments sold, interest receivables, due from related parties and performance fee allocations. Other liabilities include debt and short-term payables.

Results from certain funds managed by Apollo are reported on a three-month lag based upon the availability of financial information.

Net Gains (Losses) from Investment Activities of Consolidated Variable Interest Entities—Asset Management

The following table presents net gains (losses) from investment activities of the consolidated VIEs:


	Three months ended March 31,
(In millions)	20251		20241
Net gains (losses) from investment activities	$	198	$	18


Interest and other income	34		32
Interest and other expenses	(21)		(25)
Net gains (losses) from investment activities of consolidated variable interest entities	$	211	$	25

1 Amounts reflect consolidation eliminations.

In addition, we recognize revenues and expenses of certain consolidated VIEs within management fees, investment income (loss), compensation and benefits and general, administrative and other. For the three months ended March 31, 2025, the Company recorded $32 million of revenues, $4 million of expenses and $14 million of other losses related to the activities of these VIEs. For the three months ended March 31, 2024, the Company recorded $10 million of revenues and $2 million of expenses related to the activities of these VIEs.

Subscription Lines

Included within other liabilities are amounts due to third-party institutions by the consolidated VIEs. The following table summarizes the principal provisions of those amounts:


	March 31, 2025					December 31, 2024
(In millions, except percentages)	Principal Outstanding		Weighted Average Interest Rate		Weighted Average Remaining Maturity in Years	Principal Outstanding		Weighted Average Interest Rate		Weighted Average Remaining Maturity in Years
Asset Management


Subscription lines1	$	674	7.36	%	0.06	$	1,198	6.84	%	0.06

Total – Asset Management	$	674				$	1,198








1 The subscription lines of the consolidated VIEs are collateralized by assets held by each respective vehicle and assets of one vehicle may not be used to satisfy the liabilities of another vehicle.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The consolidated VIEs’ debt obligations contain various customary loan covenants. As of March 31, 2025, the Company was not aware of any instances of non-compliance with any of these covenants.

Revenues of Consolidated Variable Interest Entities—Retirement Services

The following summarizes the statements of operations activity of the consolidated VIEs:


	Three months ended March 31,
(In millions)		2025		2024
Trading securities		$	47	$	35

Mortgage loans		43		30
Investment funds		1		21
Other		(7)		(5)
Net investment income		84		81

Net recognized investment gains on trading securities		2		—
Net recognized investment gains (losses) on mortgage loans		20		(26)
Net recognized investment gains on investment funds		485		360
Other gains (losses)		1		(4)
Investment related gains (losses)		508		330
Revenues of consolidated variable interest entities		$	592	$	411

Unconsolidated Variable Interest Entities—Asset Management

The following table presents the maximum exposure to losses relating to these VIEs for which Apollo has concluded that it holds a significant variable interest, but that it is not the primary beneficiary.



(In millions)	March 31, 2025		December 31, 2024
Maximum Loss Exposure1,2	$	304	$	614

1 Represents Apollo’s direct investment in those entities in which it holds a significant variable interest and certain other investments. Additionally, cumulative performance allocations are subject to reversal in the event of future losses.
2 Some amounts included are a quarter in arrears.

Unconsolidated Variable Interest Entities—Retirement Services

Athene has variable interests in certain unconsolidated VIEs in the form of securities and ownership stakes in investment funds.

Fixed maturity securities

Athene invests in securitization entities as a debt holder or an investor in the residual interest of the securitization vehicle. These entities are deemed VIEs due to insufficient equity within the structure and lack of control by the equity investors over the activities that significantly impact the economics of the entity. In general, Athene is a debt investor within these entities and, as such, holds a variable interest; however, due to the debt holders’ lack of ability to control the decisions within the structure that significantly impact the entity, and the fact the debt holders are protected from losses due to the subordination of the equity tranche, the debt holders are not deemed the primary beneficiary. Securitization vehicles in which Athene holds the residual tranche are not consolidated because Athene does not unilaterally have substantive rights to remove the general partner, or when assessing related party interests, Athene is not under common control, as defined by U.S. GAAP, with the related parties, nor are substantially all of the activities conducted on Athene’s behalf; therefore, Athene is not deemed the primary beneficiary. Debt investments and investments in the residual tranche of securitization entities are considered debt instruments, and are held at fair value.

Investment funds

Investment funds include non-fixed income, alternative investments in the form of limited partnerships or similar legal structures.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Equity securities

Athene invests in preferred equity securities issued by entities deemed to be VIEs due to insufficient equity within the structure.

Athene’s risk of loss associated with its non-consolidated investments depends on the investment. Investment funds, equity securities and trading securities are limited to the carrying value plus unfunded commitments. AFS securities are limited to amortized cost plus unfunded commitments.

The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments:


	March 31, 2025				December 31, 2024
(In millions)	Carrying Value		Maximum Loss Exposure		Carrying Value		Maximum Loss Exposure
Investment funds	$	104	$	924	$	107	$	987
Investment in related parties – investment funds	1,935		3,214		1,853		3,226
Assets of consolidated VIEs – investment funds	18,187		23,896		17,660		23,488
Investment in fixed maturity securities	76,787		78,509		72,523		74,797
Investment in related parties – fixed maturity securities	18,278		21,947		17,239		21,793
Investment in related parties – equity securities	244		244		234		234
Total non-consolidated investments	$	115,535	$	128,734	$	109,616	$	124,525

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

6. Fair Value

Fair Value Measurements of Financial Instruments

The following summarize the Company’s financial assets and liabilities recorded at fair value hierarchy level:


	March 31, 2025
(In millions)	Level 1		Level 2		Level 3			NAV		Total
Assets
Asset Management
Cash and cash equivalents	$	1,871	$	—	$	—		$	—	$	1,871
Restricted cash and cash equivalents	3		—		—			—		3
Cash and cash equivalents of VIEs	231		—		—			—		231
U.S. Treasury securities	448		—		—			—		448
Investments, at fair value	204		84		1,097		1	161		1,546
Investments of consolidated VIEs	185		—		1,518			152		1,855
Due from related parties2	—		—		18			—		18
Derivative assets3	—		—		10			—		10
Total Assets – Asset Management	2,942		84		2,643			313		5,982
Retirement Services
AFS Securities
U.S. government and agencies	9,475		—		—			—		9,475
U.S. state, municipal and political subdivisions	—		874		—			—		874
Foreign governments	662		920		28			—		1,610
Corporate	10		82,589		5,605			—		88,204
CLO	—		30,066		—			—		30,066
ABS	—		12,885		12,572			—		25,457
CMBS	—		12,108		—			—		12,108
RMBS	—		8,453		306			—		8,759
Total AFS securities	10,147		147,895		18,511			—		176,553
Trading securities	23		2,076		7			—		2,106
Equity securities	188		841		26			—		1,055
Mortgage loans	—		—		70,916			—		70,916

Funds withheld at interest – embedded derivative	—		—		(2,847)			—		(2,847)
Derivative assets	103		6,049		1			—		6,153
Short-term investments	—		23		48			—		71
Other investments	—		783		896			—		1,679
Cash and cash equivalents	11,023		—		—			—		11,023
Restricted cash and cash equivalents	2,210		—		—			—		2,210
Investments in related parties
AFS securities
Corporate	—		1,039		1,108			—		2,147
CLO	—		5,519		1,070			—		6,589
ABS	—		867		10,385			—		11,252

Total AFS securities – related parties	—		7,425		12,563			—		19,988
Trading securities	—		—		437			—		437
Equity securities	—		—		244			—		244
Mortgage loans	—		—		1,296			—		1,296
Investment funds	—		—		1,180			—		1,180
Funds withheld at interest – embedded derivative	—		—		(540)			—		(540)

Other investments	—		—		340			—		340
Reinsurance recoverable	—		—		1,729			—		1,729
Other assets5	—		—		285			—		285
(Continued)

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


	March 31, 2025
(In millions)	Level 1		Level 2		Level 3		NAV		Total
Assets of consolidated VIEs
Trading securities	—		841		2,170		—		3,011

Mortgage loans	—		—		2,519		—		2,519
Investment funds	—		—		289		17,898		18,187
Other investments	4		12		91		—		107
Cash and cash equivalents	175		—		—		—		175
Total Assets – Retirement Services	23,873		165,945		110,161		17,898		317,877
Total Assets	$	26,815	$	166,029	$	112,804	$	18,211	$	323,859
Liabilities
Asset Management


Contingent consideration obligations4	$	—	$	—	$	55	$	—	$	55
Derivative liabilities3	—		24		—		—		24

Total Liabilities – Asset Management	—		24		55		—		79
Retirement Services
Interest sensitive contract liabilities
Embedded derivative	—		—		10,747		—		10,747
Universal life benefits	—		—		769		—		769
Future policy benefits
AmerUs Life Insurance Company (“AmerUs”) Closed Block	—		—		1,107		—		1,107
Indianapolis Life Insurance Company (“ILICO”) Closed Block and life benefits	—		—		556		—		556
Market risk benefits5	—		—		4,362		—		4,362
Derivative liabilities	24		3,341		—		—		3,365
Other liabilities	—		—		230		—		230
Total Liabilities – Retirement Services	24		3,341		17,771		—		21,136
Total Liabilities	$	24	$	3,365	$	17,826	$	—	$	21,215

(Concluded)

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


	December 31, 2024
(In millions)	Level 1		Level 2		Level 3			NAV		Total
Assets
Asset Management
Cash and cash equivalents	$	2,692	$	—	$	—		$	—	$	2,692
Restricted cash and cash equivalents	3		—		—			—		3
Cash and cash equivalents of VIEs	158		—		—			—		158

Investments, at fair value	238		22		1,052		1	72		1,384
Investments of consolidated VIEs	191		111		2,258			234		2,794
Due from related parties2	—		—		27			—		27
Derivative assets3	—		40		29			—		69
Total Assets – Asset Management	3,282		173		3,366			306		7,127

Retirement Services
AFS Securities
U.S. government and agencies	7,149		2		—			—		7,151
U.S. state, municipal and political subdivisions	—		921		—			—		921
Foreign governments	658		881		29			—		1,568
Corporate	11		79,253		4,321			—		83,585
CLO	—		29,182		—			—		29,182
ABS	—		7,672		16,529			—		24,201
CMBS	—		10,741		—			—		10,741
RMBS	—		7,759		256			—		8,015
Total AFS securities	7,818		136,411		21,135			—		165,364
Trading securities	22		1,539		22			—		1,583
Equity securities	190		1,073		27			—		1,290
Mortgage loans	—		—		63,239			—		63,239

Funds withheld at interest – embedded derivative	—		—		(3,035)			—		(3,035)
Derivative assets	121		8,032		1			—		8,154
Short-term investments	—		86		169			—		255
Other investments	—		711		895			—		1,606
Cash and cash equivalents	12,733		—		—			—		12,733
Restricted cash and cash equivalents	943		—		—			—		943
Investments in related parties
AFS securities
Corporate	—		1,029		1,108			—		2,137
CLO	—		5,339		696			—		6,035
ABS	—		890		9,741			—		10,631
Total AFS securities – related parties	—		7,258		11,545			—		18,803
Trading securities	—		—		573			—		573
Equity securities	—		—		234			—		234
Mortgage loans	—		—		1,297			—		1,297
Investment funds	—		—		1,139			—		1,139
Funds withheld at interest – embedded derivative	—		—		(615)			—		(615)

Other investments	—		—		331			—		331
Reinsurance recoverable	—		—		1,661			—		1,661
Other assets5	—		—		313			—		313
Assets of consolidated VIEs
Trading securities	—		347		1,954			—		2,301

Mortgage loans	—		—		2,579			—		2,579
Investment funds	—		—		770			16,890		17,660

(Continued)

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


	December 31, 2024
(In millions)	Level 1		Level 2		Level 3		NAV		Total
Other investments	4		—		103		—		107
Cash and cash equivalents	583		—		—		—		583
Total Assets – Retirement Services	22,414		155,457		104,337		16,890		299,098
Total Assets	$	25,696	$	155,630	$	107,703	$	17,196	$	306,225
Liabilities
Asset Management


Contingent consideration obligations4	$	—	$	—	$	67	$	—	$	67


Total Liabilities – Asset Management	—		—		67		—		67


Retirement Services
Interest sensitive contract liabilities
Embedded derivative	—		—		11,242		—		11,242
Universal life benefits	—		—		742		—		742
Future policy benefits
AmerUs Closed Block	—		—		1,102		—		1,102
ILICO Closed Block and life benefits	—		—		538		—		538
Market risk benefits5	—		—		4,028		—		4,028
Derivative liabilities	19		3,536		1		—		3,556
Other liabilities	—		—		225		—		225
Total Liabilities – Retirement Services	19		3,536		17,878		—		21,433
Total Liabilities	$	19	$	3,536	$	17,945	$	—	$	21,500

(Concluded)


1 Investments as of March 31, 2025 and December 31, 2024 excludes $219 million and $248 million, respectively, of performance allocations classified as Level 3 related to certain investments for which the Company elected the fair value option. The Company’s policy is to account for performance allocations as investments.
2 Due from related parties represents a receivable from a fund.
3 Derivative assets and derivative liabilities are presented as a component of Other assets and Other liabilities, respectively, in the condensed consolidated statements of financial condition.
4 Other liabilities as of March 31, 2025 and December 31, 2024 includes profit sharing payable of $55 million and $67 million, respectively, related to contingent obligations classified as Level 3.

5 Other assets consist of market risk benefits assets. See note 8 for additional information on market risk benefits assets and liabilities valuation methodology and additional fair value disclosures.

Changes in fair value of contingent consideration obligations in connection with the acquisition of Stone Tower are recorded in compensation and benefits expense in the condensed consolidated statements of operations. For periods prior to December 31, 2024, changes in fair value of contingent consideration obligations in connection with the acquisition of Griffin Capital were recorded in other income (loss), net, in the condensed consolidated statements of operations. Refer to note 16 for further details.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Level 3 Financial Instruments

The following tables summarize the valuation techniques and quantitative inputs and assumptions used for financial assets and liabilities categorized as Level 3:


	March 31, 2025
	Fair Value (In millions)		Valuation Technique	Unobservable Inputs	Ranges	Weighted Average
Financial Assets
Asset Management

Investments	$	793	Discounted cash flow	Discount rate	10.2% – 52.8%	17.5%	1
	144		Direct capitalization	Capitalization rate	7.3%	7.3%
	160		Adjusted transaction value	N/A	N/A	N/A
Due from related parties	18		Discounted cash flow	Discount rate	14.0%	14.0%
Derivative assets	10		Option model	Volatility rate	40.0%	40.0%
Investments of consolidated VIEs
Bank loans	78		Discounted cash flow	Discount rate	8.8% – 9.9%	9.5%	1
	164		Adjusted transaction value	N/A	N/A	N/A

Equity securities	396		Discounted cash flow	Discount rate	13.4%	13.4%


	803		Adjusted transaction value	N/A	N/A	N/A
	17		Option model	Volatility rate	80.0% – 115.0%	104.9%	1


Bonds	60		Adjusted transaction value	N/A	N/A	N/A


Retirement Services
AFS, trading and equity securities	26,941		Discounted cash flow	Discount rate	4.5% – 22.7%	6.9%	1
Mortgage loans2	74,731		Discounted cash flow	Discount rate	1.4% – 48.8%	6.5%	1
Investment funds2	1,181		Discounted cash flow	Discount rate	10.0%-14.0%	13.1%	1

	294		Recoverability	Estimated proceeds	N/A	N/A

Financial Liabilities
Asset Management
Contingent consideration obligations	55		Discounted cash flow	Discount rate	20.0% – 25.0%	23.7%	1


Retirement Services
Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives	10,747		Discounted cash flow	Nonperformance risk	0.5% – 1.3%	0.8%	3
				Option budget	0.5% – 6.0%	2.8%	4
				Surrender rate	5.7% – 13.7%	8.8%	4

1 Unobservable inputs were weighted based on the fair value of the investments included in the range.
2 Includes those of consolidated VIEs.
3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.
4 The option budget and surrender rate weighted averages are calculated based on projected account values.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


	December 31, 2024
	Fair Value (In millions)		Valuation Techniques	Unobservable Inputs	Ranges	Weighted Average
Financial Assets
Asset Management
Investments	$	765	Discounted cash flow	Discount rate	13.5% – 52.8%	17.8%	1
	128		Direct capitalization	Capitalization rate	6.7%	6.7%
	159		Adjusted transaction value	N/A	N/A	N/A
Due from related parties	27		Discounted cash flow	Discount rate	14.0%	14.0%
Derivative assets	29		Option model	Volatility rate	52.5%	52.5%
Investments of consolidated VIEs
Bank loans	168		Discounted cash flow	Discount rate	5.6% – 23.4%	9.0%	1
	179		Adjusted transaction value	N/A	N/A	N/A
Equity securities	495		Dividend discount model	Discount rate	14.1%	14.1%
	417		Discounted cash flow	Discount rate	8.3% – 13.3%	13.3%	1
	69		Adjusted transaction value	N/A	N/A	N/A
	27		Option model	Volatility rate	84.8% – 117.5%	110.7%	1









Bonds	412		Discounted cash flow	Discount rate	6.6% – 11.7%	7.0%	1
	491		Adjusted transaction value	N/A	N/A	N/A
Retirement Services
AFS, trading and equity securities	28,655		Discounted cash flow	Discount rate	4.7% – 20.0%	7.1%	1
Mortgage loans2	67,115		Discounted cash flow	Discount rate	1.8% – 43.1%	6.7%	1
Investment funds2	1,909		Discounted cash flow	Discount rate	6.6% – 14.0%	10.8%	1



Financial Liabilities






Asset Management
Contingent consideration obligations	67		Discounted cash flow	Discount rate	20.0% – 25.0%	23.6%	1

Retirement Services
Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives	11,242		Discounted cash flow	Nonperformance risk	0.4% – 1.1%	0.7%	3
				Option budget	0.5% – 6.0%	2.8%	4
				Surrender rate	6.0% – 14.2%	9.0%	4

1 Unobservable inputs were weighted based on the fair value of the investments included in the range.
2 Includes those of consolidated VIEs.
3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.
4 The option budget and surrender rate weighted averages are calculated based on projected account values.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis:


	Three months ended March 31, 2025
			Total realized and unrealized gains (losses)
(In millions)	Beginning Balance		Included in Income		Included in OCI		Net Purchases, Issuances, Sales and Settlements		Net Transfers In (Out)		Ending Balance		Total Gains (Losses) Included in Earnings1		Total Gains (Losses) Included in OCI1
Assets – Asset Management
Investments and derivative assets	$	1,081	$	12	$	—	$	14	$	—	$	1,107	$	(6)	$	—
Investments of consolidated VIEs	2,258		219		—		(352)		(607)		1,518		(8)		—
Total Level 3 assets – Asset Management	$	3,339	$	231	$	—	$	(338)	$	(607)	$	2,625	$	(14)	$	—

Assets – Retirement Services
AFS securities

Foreign governments	$	29	$	(1)	$	—	$	—	$	—	$	28	$	—	$	—
Corporate	4,321		14		27		1,421		(178)		5,605		13		20

ABS	16,529		22		167		(81)		(4,065)		12,572		1		121
CMBS	—		(24)		(3)		28		(1)		—		—		—
RMBS	256		4		(1)		47		—		306		—		(1)
Trading securities	22		—		—		(1)		(14)		7		—		—
Equity securities	27		(1)		—		—		—		26		—		—
Mortgage loans	63,239		1,000		—		6,677		—		70,916		1,007		—

Funds withheld at interest – embedded derivative	(3,035)		188		—		—		—		(2,847)		—		—
Derivative assets	1		—		—		—		—		1		—		—
Short-term investments	169		—		—		(120)		(1)		48		—		—
Other investments	895		1		—		—		—		896		1		—
Investments in related parties
AFS securities
Corporate	1,108		—		(2)		2		—		1,108		—		(2)
CLO	696		—		(2)		376		—		1,070		—		(2)
ABS	9,741		1		19		624		—		10,385		—		13
Trading securities	573		—		—		(136)		—		437		—		—
Equity securities	234		10		—		—		—		244		10		—
Mortgage loans	1,297		14		—		(15)		—		1,296		14		—
Investment funds	1,139		41		—		—		—		1,180		41		—

Funds withheld at interest – embedded derivative	(615)		75		—		—		—		(540)		—		—
Other investments	331		9		—		—		—		340		9		—
Reinsurance recoverable	1,661		30		—		38		—		1,729		—		—
Assets of consolidated VIEs
Trading securities	1,954		67		—		71		78		2,170		66		—

Mortgage loans	2,579		27		—		(87)		—		2,519		30		—
Investment funds	770		15		—		(496)		—		289		3		—
Other investments	103		4		—		(16)		—		91		2		—
Total Level 3 assets – Retirement Services	$	104,024	$	1,496	$	205	$	8,332	$	(4,181)	$	109,876	$	1,197	$	149

															(Continued)

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


	Three months ended March 31, 2025
			Total realized and unrealized gains (losses)
(In millions)	Beginning Balance		Included in Income		Included in OCI		Net Purchases, Issuances, Sales and Settlements		Net Transfers In (Out)		Ending Balance		Total Gains (Losses) Included in Earnings1		Total Gains (Losses) Included in OCI1
Liabilities – Asset Management
Contingent consideration obligations	$	67	$	1	$	—	$	(13)	$	—	$	55	$	—	$	—

Total Level 3 liabilities – Asset Management	$	67	$	1	$	—	$	(13)	$	—	$	55	$	—	$	—

Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative	$	(11,242)	$	1,003	$	—	$	(508)	$	—	$	(10,747)	$	—	$	—
Universal life benefits	(742)		(27)		—		—		—		(769)		—		—
Future policy benefits
AmerUs Closed Block	(1,102)		(5)		—		—		—		(1,107)		—		—
ILICO Closed Block and life benefits	(538)		(18)		—		—		—		(556)		—		—
Derivative liabilities	(1)		1		—		—		—		—		—		—
Other liabilities	(225)		(6)		—		1		—		(230)		—		—
Total Level 3 liabilities – Retirement Services	$	(13,850)	$	948	$	—	$	(507)	$	—	$	(13,409)	$	—	$	—

(Concluded)
1 Related to instruments held at end of period.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


	Three months ended March 31, 2024
			Total realized and unrealized gains (losses)
(In millions)	Beginning Balance		Included in Income		Included in OCI		Net Purchases, Issuances, Sales and Settlements		Net Transfers In (Out)		Ending Balance		Total Gains (Losses) Included in Earnings1		Total Gains (Losses) Included in OCI1
Assets – Asset Management
Investments and derivative assets	$	1,201	$	(7)	$	—	$	(3)	$	—	$	1,191	$	18	$	—
Investments of consolidated VIEs	1,492		—		—		618		—		2,110		(1)		—
Total Level 3 assets – Asset Management	$	2,693	$	(7)	$	—	$	615	$	—	$	3,301	$	17	$	—
Assets – Retirement Services
AFS securities

Foreign governments	$	40	$	—	$	—	$	—	$	—	$	40	$	—	$	—
Corporate	2,525		(2)		2		844		9		3,378		(1)		1

ABS	6,943		2		13		125		82		7,165		(2)		11
CMBS	21		—		—		—		—		21		—		1
RMBS	265		1		—		(1)		—		265		—		—
Trading securities	28		—		—		(2)		14		40		—		—
Equity securities	26		—		—		1		—		27		1		—
Mortgage loans	44,115		(341)		—		4,433		—		48,207		(341)		—

Funds withheld at interest – embedded derivative	(3,379)		17		—		—		—		(3,362)		—		—
Derivative assets	—		—		—		—		1		1		—		—
Short-term investments	105		—		—		(4)		—		101		—		—
Other investments	630		(3)		—		124		—		751		(3)		—
Investments in related parties
AFS securities
Corporate	1,171		1		(1)		4		—		1,175		—		(1)
CLO	506		—		14		—		—		520		—		14
ABS	7,826		1		(14)		2,230		—		10,043		(4)		(17)
Trading securities	838		—		—		(57)		—		781		—		—
Equity securities	255		(6)		—		—		—		249		(6)		—
Mortgage loans	1,281		(17)		—		(1)		—		1,263		(17)		—
Investment funds	1,082		(15)		—		—		—		1,067		(15)		—
Funds withheld at interest – embedded derivative	(721)		(2)		—		—		—		(723)		—		—

Other investments	343		(7)		—		—		—		336		(7)		—
Reinsurance recoverable	1,367		(8)		—		109		—		1,468		—		—
Assets of consolidated VIEs
Trading securities	1,852		(33)		—		(55)		6		1,770		(33)		—

Mortgage loans	2,173		(42)		—		16		—		2,147		(42)		—
Investment funds	977		(27)		—		1		—		951		(27)		—
Other investments	101		(2)		—		16		—		115		(2)		—
Total Level 3 assets – Retirement Services	$	70,370	$	(483)	$	14	$	7,783	$	112	$	77,796	$	(499)	$	9

Liabilities – Asset Management
Contingent consideration obligations	$	93	$	48	$	—	$	(14)	$	—	$	127	$	—	$	—

Total Level 3 liabilities – Asset Management	$	93	$	48	$	—	$	(14)	$	—	$	127	$	—	$	—

															(Continued)

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


	Three months ended March 31, 2024
			Total realized and unrealized gains (losses)
(In millions)	Beginning Balance		Included in Income		Included in OCI		Net Purchases, Issuances, Sales and Settlements		Net Transfers In (Out)		Ending Balance		Total Gains (Losses) Included in Earnings1		Total Gains (Losses) Included in OCI1
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative	$	(9,059)	$	(1,177)	$	—	$	(672)	$	—	$	(10,908)	$	—	$	—
Universal life benefits	(834)		46		—		—		—		(788)		—		—
Future policy benefits
AmerUs Closed Block	(1,178)		27		—		—		—		(1,151)		—		—
ILICO Closed Block and life benefits	(522)		(31)		—		—		—		(553)		—		—
Derivative liabilities	(1)		—		—		—		—		(1)		—		—
Other liabilities	(330)		(10)		—		47		64		(229)		—		—
Total Level 3 liabilities – Retirement Services	$	(11,924)	$	(1,145)	$	—	$	(625)	$	64	$	(13,630)	$	—	$	—

(Concluded)
1 Related to instruments held at end of period.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above:


	Three months ended March 31, 2025
(In millions)	Purchases		Issuances		Sales		Settlements		Net Purchases, Issuances, Sales and Settlements		Transfers In		Transfers Out		Net Transfers In (Out)
Assets – Asset Management
Investments and derivative assets	$	14	$	—	$	—	$	—	$	14	$	—	$	—	$	—
Investments of consolidated VIEs	625		—		(977)		—		(352)		—		(607)		(607)
Total Level 3 assets – Asset Management	$	639	$	—	$	(977)	$	—	$	(338)	$	—	$	(607)	$	(607)

Assets – Retirement Services
AFS securities


Corporate	$	1,555	$	—	$	(6)	$	(128)	$	1,421	$	96	$	(274)	$	(178)

ABS	229		—		(12)		(298)		(81)		479		(4,544)		(4,065)
CMBS	28		—		—		—		28		13		(14)		(1)
RMBS	49		—		—		(2)		47		—		—		—
Trading securities	—		—		—		(1)		(1)		—		(14)		(14)

Mortgage loans	9,010		—		(132)		(2,201)		6,677		—		—		—


Short-term investments	12		—		—		(132)		(120)		—		(1)		(1)


Investments in related parties
AFS securities
Corporate	5		—		—		(3)		2		—		—		—
CLO	376		—		—		—		376		—		—		—
ABS	1,204		—		—		(580)		624		—		—		—
Trading securities	22		—		(91)		(67)		(136)		—		—		—

Mortgage loans	—		—		(15)		—		(15)		—		—		—




Reinsurance recoverable	—		41		—		(3)		38		—		—		—
Assets of consolidated VIEs
Trading securities	144		—		(73)		—		71		90		(12)		78

Mortgage loans	15		—		(7)		(95)		(87)		—		—		—
Investment funds	—		—		(496)		—		(496)		—		—		—
Other investments	—		—		(16)		—		(16)		—		—		—
Total Level 3 assets – Retirement Services	$	12,649	$	41	$	(848)	$	(3,510)	$	8,332	$	678	$	(4,859)	$	(4,181)

Liabilities – Asset Management
Contingent consideration obligations	$	—	$	—	$	—	$	(13)	$	(13)	$	—	$	—	$	—

Total Level 3 liabilities – Asset Management	$	—	$	—	$	—	$	(13)	$	(13)	$	—	$	—	$	—

Liabilities – Retirement Services

Interest sensitive contract liabilities – embedded derivative	$	—	$	(752)	$	—	$	244	$	(508)	$	—	$	—	$	—





Other liabilities	—		—		—		1		1		—		—		—
Total Level 3 liabilities – Retirement Services	$	—	$	(752)	$	—	$	245	$	(507)	$	—	$	—	$	—

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


	Three months ended March 31, 2024
(In millions)	Purchases		Issuances		Sales		Settlements		Net Purchases, Issuances, Sales and Settlements		Transfers In		Transfers Out		Net Transfers In (Out)
Assets – Asset Management
Investments and derivative assets	$	12	$	—	$	(15)	$	—	$	(3)	$	—	$	—	$	—
Investments of consolidated VIEs	1,301		—		(683)		—		618		—		—		—
Total Level 3 assets – Asset Management	$	1,313	$	—	$	(698)	$	—	$	615	$	—	$	—	$	—

Assets – Retirement Services
AFS securities


Corporate	$	922	$	—	$	(2)	$	(76)	$	844	$	9	$	—	$	9

ABS	313		—		—		(188)		125		341		(259)		82

RMBS	—		—		—		(1)		(1)		—		—		—
Trading securities	—		—		—		(2)		(2)		14		—		14
Equity securities	2		—		(1)		—		1		—		—		—
Mortgage loans	5,686		—		(26)		(1,227)		4,433		—		—		—


Derivative assets	—		—		—		—		—		1		—		1
Short-term investments	2		—		(6)		—		(4)		—		—		—
Other investments	124		—		—		—		124		—		—		—
Investments in related parties
AFS securities
Corporate	6		—		—		(2)		4		—		—		—

ABS	2,693		—		(200)		(263)		2,230		—		—		—
Trading securities	2		—		—		(59)		(57)		—		—		—

Mortgage loans	—		—		—		(1)		(1)		—		—		—



Reinsurance recoverable	—		109		—		—		109		—		—		—
Assets of consolidated VIEs
Trading securities	—		—		(55)		—		(55)		6		—		6

Mortgage loans	32		—		—		(16)		16		—		—		—
Investment funds	1		—		—		—		1		—		—		—
Other investments	19		—		(3)		—		16		—		—		—

Total Level 3 assets – Retirement Services	$	9,802	$	109	$	(293)	$	(1,835)	$	7,783	$	371	$	(259)	$	112
Liabilities – Asset Management
Contingent consideration obligations	$	—	$	—	$	—	$	(14)	$	(14)	$	—	$	—	$	—

Total Level 3 liabilities – Asset Management	$	—	$	—	$	—	$	(14)	$	(14)	$	—	$	—	$	—

Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative	$	—	$	(898)	$	—	$	226	$	(672)	$	—	$	—	$	—





Other liabilities	—		—		—		47		47		64		—		64

Total Level 3 liabilities – Retirement Services	$	—	$	(898)	$	—	$	273	$	(625)	$	64	$	—	$	64

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Financial Instruments Without Readily Determinable Fair Values

The Company elected the measurement alternative for certain equity securities that do not have a readily determinable fair value. The equity securities are held at cost less any impairment. The carrying amount of the equity securities was $358 million, net of an impairment of $42 million, as of March 31, 2025 and December 31, 2024.

Fair Value Option – Retirement Services

The following represents the gains (losses) recorded for instruments for which Athene has elected the fair value option, including related parties and VIEs:


	Three months ended March 31,
(In millions)		2025		2024
Trading securities		$	75	$	(60)
Mortgage loans		1,041		(400)
Investment funds		41		(28)
Future policy benefits		(5)		27
Other		12		15
Total gains (losses)		$	1,164	$	(446)

Gains and losses on trading securities, mortgage loans, and other are recorded in investment related gains (losses) on the condensed consolidated statements of operations. Gains and losses related to investment funds are recorded in net investment income on the condensed consolidated statements of operations. Gains and losses related to investments of consolidated VIEs are recorded in revenues of consolidated VIEs on the condensed consolidated statements of operations. The change in fair value of future policy benefits is recorded in future policy and other policy benefits on the condensed consolidated statements of operations.

The following summarizes information for fair value option mortgage loans, including related parties and VIEs:


(In millions)	March 31, 2025		December 31, 2024
Unpaid principal balance	$	76,719	$	69,754
Mark to fair value	(1,988)		(2,639)
Fair value	$	74,731	$	67,115

The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status:


(In millions)	March 31, 2025		December 31, 2024
Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status	$	427	$	195
Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status	(203)		(102)
Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status	$	224	$	93

Fair value of commercial mortgage loans 90 days or more past due	$	43	$	31
Fair value of commercial mortgage loans in non-accrual status	224		93

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The following represents the residential mortgage loan portfolio 90 days or more past due and/or in non-accrual status:


(In millions)	March 31, 2025		December 31, 2024
Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status	$	1,024	$	898
Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status	(62)		(51)
Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status	$	962	$	847

Fair value of residential mortgage loans 90 days or more past due1	$	962	$	847
Fair value of residential mortgage loans in non-accrual status	886		765

1 As of March 31, 2025 and December 31, 2024, includes $76 million and $82 million, respectively, of residential mortgage loans that are guaranteed by U.S. government-sponsored agencies.

The following is the estimated amount of gains (losses) included in earnings during the period attributable to changes in instrument-specific credit risk on Athene’s mortgage loan portfolio:


	Three months ended March 31,
(In millions)		2025		2024
Mortgage loans		$	(3)	$	(33)

The portion of gains and losses attributable to changes in instrument-specific credit risk is estimated by identifying commercial mortgage loans with loan-to-value ratios meeting credit quality criteria, and residential mortgage loans with delinquency status meeting credit quality criteria.

Fair Value of Financial Instruments Not Carried at Fair Value – Retirement Services

The following represents Athene’s financial instruments not carried at fair value on the condensed consolidated statements of financial condition:


	March 31, 2025
(In millions)	Carrying Value		Fair Value		NAV		Level 1		Level 2		Level 3
Financial assets
Investment funds	$	104	$	104	$	104	$	—	$	—	$	—
Policy loans	313		313		—		—		313		—
Funds withheld at interest	20,707		20,707		—		—		—		20,707
Short-term investments	181		181		—		—		—		181
Other investments	88		99		—		—		—		99
Investments in related parties
Investment funds	755		755		755		—		—		—
Funds withheld at interest	5,350		5,350		—		—		—		5,350
Short-term investments	784		784		—		—		784		—





Total financial assets not carried at fair value	$	28,282	$	28,293	$	859	$	—	$	1,097	$	26,337

Financial liabilities
Interest sensitive contract liabilities	$	220,311	$	214,258	$	—	$	—	$	—	$	214,258
Debt	6,301		5,872		—		579		5,293		—
Securities to repurchase	3,064		3,064		—		—		3,064		—
Funds withheld liability	4,636		4,636		—		—		—		4,636
Total financial liabilities not carried at fair value	$	234,312	$	227,830	$	—	$	579	$	8,357	$	218,894

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


	December 31, 2024
(In millions)	Carrying Value		Fair Value		NAV		Level 1		Level 2		Level 3
Financial assets
Investment funds	$	107	$	107	$	107	$	—	$	—	$	—
Policy loans	318		318		—		—		318		—
Funds withheld at interest	21,901		21,901		—		—		—		21,901
Short-term investments	192		192		—		—		—		192
Other investments	93		101		—		—		—		101
Investments in related parties
Investment funds	714		714		714		—		—		—
Funds withheld at interest	5,665		5,665		—		—		—		5,665
Short-term investments	743		743		—		—		743		—





Total financial assets not carried at fair value	$	29,733	$	29,741	$	821	$	—	$	1,061	$	27,859

Financial liabilities
Interest sensitive contract liabilities	$	200,278	$	192,025	$	—	$	—	$	—	$	192,025
Debt	6,309		5,844		—		581		5,263		—
Securities to repurchase	5,716		5,716		—		—		5,716		—
Funds withheld liability	4,331		4,331		—		—		—		4,331
Total financial liabilities not carried at fair value	$	216,634	$	207,916	$	—	$	581	$	10,979	$	196,356

The fair value for financial instruments not carried at fair value are estimated using the same methods and assumptions as those carried at fair value. The financial instruments presented above are reported at carrying value on the condensed consolidated statements of financial condition; however, in the case of policy loans, funds withheld at interest and liability, short-term investments, and securities to repurchase, the carrying amount approximates fair value.

Interest sensitive contract liabilities – The carrying and fair value of interest sensitive contract liabilities above includes fixed indexed and traditional fixed annuities without mortality or morbidity risks, funding agreements and payout annuities without life contingencies. The embedded derivatives within fixed indexed annuities without mortality or morbidity risks are excluded, as they are carried at fair value. The valuation of these investment contracts is based on discounted cash flow methodologies using significant unobservable inputs. The estimated fair value is determined using current market risk-free interest rates, adding a spread to reflect nonperformance risk and subtracting a risk margin to reflect uncertainty inherent in the projected cash flows.

Debt – The fair value of debt is obtained from commercial pricing services. See note 11 for further information on debt.

Significant Unobservable Inputs

Asset Management

Discounted Cash Flow and Direct Capitalization Model

When a discounted cash flow or direct capitalization model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows or the capitalization rate, respectively. Increases in the discount or capitalization rate can significantly lower the fair value of an investment and the contingent consideration obligations; conversely decreases in the discount or capitalization rate can significantly increase the fair value of an investment and the contingent consideration obligations. See note 16 for further discussion of the contingent consideration obligations.

Option Model

When an option model is used to determine fair value, the significant input used in the valuation model is the volatility rate applied to present value the projected cash flows. Increases in the volatility rate can significantly lower the fair value of an investment; conversely decreases in the discount or capitalization rate can significantly increase the fair value of an investment.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Consolidated VIEs’ Investments

The significant unobservable inputs used in the fair value measurement of the equity securities, bank loans and bonds are the discount rate and volatility rates applied in the valuation models. These inputs in isolation can cause significant increases or decreases in fair value, which would result in a significantly lower or higher fair value measurement. The discount and volatility rates are determined based on the market rates an investor would expect for a similar investment with similar risks.

NAV

Certain investments and investments of VIEs are valued using the NAV per share equivalent calculated by the investment manager as a practical expedient to determine an independent fair value.

Retirement Services

AFS, trading and equity securities

Athene uses discounted cash flow models to calculate the fair value for certain fixed maturity and equity securities. The discount rate is a significant unobservable input because the credit spread includes adjustments made to the base rate. The base rate represents a market comparable rate for securities with similar characteristics. This excludes assets for which fair value is provided by independent broker quotes.

Mortgage loans

Athene uses discounted cash flow models from independent commercial pricing services to calculate the fair value of its mortgage loan portfolio. The discount rate is a significant unobservable input. This approach uses market transaction information and client portfolio-oriented information, such as prepayments or defaults, to support the valuations.

Interest sensitive contract liabilities – embedded derivative

Significant unobservable inputs used in the fixed indexed annuities embedded derivative of the interest sensitive contract liabilities valuation include:

1.Nonperformance risk – For contracts Athene issues, it uses the credit spread, relative to the U.S. Treasury curve based on Athene’s public credit rating as of the valuation date. This represents Athene’s credit risk for use in the estimate of the fair value of embedded derivatives.

2.Option budget – Athene assumes future hedge costs in the derivative’s fair value estimate. The level of option budgets determines the future costs of the options and impacts future policyholder account value growth.

3.Policyholder behavior – Athene regularly reviews the full withdrawal (surrender rate) assumptions. These are based on initial pricing assumptions updated for actual experience. Actual experience may be limited for recently issued products.

Valuation of Underlying Investments

Asset Management

As previously noted, the underlying entities that Apollo manages and invests in are primarily investment companies that account for their investments at estimated fair value.

On a quarterly basis, valuation committees consisting of members from senior management review and approve the valuation results related to the investments of the funds Apollo manages. Apollo also retains external valuation firms to provide third-party valuation consulting services to Apollo, which consist of certain limited procedures that management identifies and requests them to perform. The limited procedures provided by the external valuation firms assist management with validating their valuation results or determining fair value. Apollo performs various back-testing procedures to validate their valuation approaches, including comparisons between expected and observed outcomes, forecast evaluations and variance analyses. However, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Credit Investments

Credit investments are generally valued based on third-party vendor prices and/or quoted market prices and valuation models. Valuations using quoted market prices are based on the average of the “bid” and the “ask” quotes provided by multiple brokers wherever possible without any adjustments. Apollo will designate certain brokers to use to value specific securities. In determining the designated brokers, Apollo considers the following: (i) brokers with which Apollo has previously transacted, (ii) the underwriter of the security and (iii) active brokers indicating executable quotes. In addition, when valuing a security based on broker quotes wherever possible Apollo tests the standard deviation amongst the quotes received and the variance between the concluded fair value and the value provided by a pricing service. When relying on a third-party vendor as a primary source, Apollo (i) analyzes how the price has moved over the measurement period, (ii) reviews the number of brokers included in the pricing service’s population, if available, and (iii) validates the valuation levels with Apollo’s pricing team and traders.

Debt securities that are not publicly traded or whose market prices are not readily available are valued at fair value utilizing a model-based approach to determine fair value. Valuation approaches used to estimate the fair value of illiquid credit investments also may include the income approach, as described below. The valuation approaches used consider, as applicable, market risks, credit risks, counterparty risks and foreign currency risks.

Equity Investments

The majority of illiquid equity investments are valued using the market approach and/or the income approach, as described below.

Market Approach

The market approach is driven by current market conditions, including actual trading levels of similar companies and, to the extent available, actual transaction data of similar companies. Judgment is required by management when assessing which companies are similar to the subject company being valued. Consideration may also be given to any of the following factors: (1) the subject company’s historical and projected financial data; (2) valuations given to comparable companies; (3) the size and scope of the subject company’s operations; (4) the subject company’s individual strengths and weaknesses; (5) expectations relating to the market’s receptivity to an offering of the subject company’s securities; (6) applicable restrictions on transfer; (7) industry and market information; (8) general economic and market conditions; and (9) other factors deemed relevant. Market approach valuation models typically employ a multiple that is based on one or more of the factors described above.

Enterprise value as a multiple of EBITDA is common and relevant for most companies and industries, however, other industry specific multiples are employed where available and appropriate. Sources for gaining additional knowledge related to comparable companies include public filings, annual reports, analyst research reports and press releases. Once a comparable company set is determined, Apollo reviews certain aspects of the subject company’s performance and determines how its performance compares to the group and to certain individuals in the group. Apollo compares certain measurements such as EBITDA margins, revenue growth over certain time periods, leverage ratios and growth opportunities. In addition, Apollo compares the entry multiple and its relation to the comparable set at the time of acquisition to understand its relation to the comparable set on each measurement date.

Income Approach

The income approach provides an indication of fair value based on the present value of cash flows that a business or security is expected to generate in the future. The most widely used methodology for the income approach is a discounted cash flow method. Inherent in the discounted cash flow method are significant assumptions related to the subject company’s expected results, the determination of a terminal value and a calculated discount rate, which is normally based on the subject company’s WACC. The WACC represents the required rate of return on total capitalization, which is comprised of a required rate of return on equity, plus the current tax-effected rate of return on debt, weighted by the relative percentages of equity and debt that are typical in the industry. The most critical step in determining the appropriate WACC for each subject company is to select companies that are comparable in nature to the subject company and the credit quality of the subject company. Sources for gaining additional knowledge about the comparable companies include public filings, annual reports, analyst research reports and press releases. The general formula then used for calculating the WACC considers the after-tax rate of return on debt capital and the rate of return on common equity capital, which further considers the risk-free rate of return, market beta, market

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

risk premium and small stock premium, if applicable. The variables used in the WACC formula are inferred from the comparable market data obtained. The Company evaluates the comparable companies selected and concludes on WACC inputs based on the most comparable company or analyzes the range of data for the investment.

The value of liquid investments, where the primary market is an exchange (whether foreign or domestic), is determined using period end market prices. Such prices are generally based on the close price on the date of determination.

Certain of the funds Apollo manages may also enter into foreign currency exchange contracts, total return swap contracts, credit default swap contracts and other derivative contracts, which may include options, caps, collars and floors. Foreign currency exchange contracts are marked-to-market by recognizing the difference between the contract exchange rate and the current market rate as unrealized appreciation or depreciation. If securities are held at the end of the period, the changes in value are recorded in income as unrealized. Realized gains or losses are recognized when contracts are settled. Total return swap and credit default swap contracts are recorded at fair value as an asset or liability with changes in fair value recorded as unrealized appreciation or depreciation. Realized gains or losses are recognized at the termination of the contract based on the difference between the close-out price of the total return or credit default swap contract and the original contract price. Forward contracts are valued based on market rates obtained from counterparties or prices obtained from recognized financial data service providers.

Retirement Services

AFS and trading securities

The fair values for most marketable securities without an active market are obtained from several commercial pricing services. These are classified as Level 2 assets. The pricing services incorporate a variety of market observable information in their valuation techniques, including benchmark yields, trading activity, credit quality, issuer spreads, bids, offers and other reference data. This category typically includes U.S. and non-U.S. corporate bonds, U.S. agency and government guaranteed securities, CLO, ABS, CMBS and RMBS.

Athene also has fixed maturity securities priced based on indicative broker quotes or by employing market accepted valuation models. For certain fixed maturity securities, the valuation model uses significant unobservable inputs and these are included in Level 3 in the fair value hierarchy. Significant unobservable inputs used include discount rates, issue-specific credit adjustments, material non-public financial information, estimation of future earnings and cash flows, default rate assumptions, liquidity assumptions and indicative quotes from market makers.

Privately placed fixed maturity securities are valued based on the credit quality and duration of comparable marketable securities, which may be securities of another issuer with similar characteristics. In some instances, a matrix-based pricing model is used. These models consider the current level of risk-free interest rates, corporate spreads, credit quality of the issuer and cash flow characteristics of the security. Additional factors such as net worth of the borrower, value of collateral, capital structure of the borrower, presence of guarantees and Athene’s evaluation of the borrower’s ability to compete in its relevant market are also considered. Privately placed fixed maturity securities are classified as Level 2 or 3.

Equity securities

Fair values of publicly traded equity securities are based on quoted market prices and classified as Level 1. Other equity securities, typically private equities or equity securities not traded on an exchange, are valued based on other sources, such as commercial pricing services or brokers, and are classified as Level 2 or 3.

Mortgage loans

Athene estimates fair value monthly using discounted cash flow analysis and rates being offered for similar loans to borrowers with similar credit ratings. Loans with similar characteristics are aggregated for purposes of the calculations. The discounted cash flow model uses unobservable inputs, including estimates of discount rates and loan prepayments. Mortgage loans are classified as Level 3.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Investment funds

Investment funds are typically measured using NAV as a practical expedient in determining fair value and are not classified in the fair value hierarchy. The carrying value reflects a pro rata ownership percentage as indicated by NAV in the investment fund financial statements, which may be adjusted if it is determined NAV is not calculated consistent with investment company fair value principles. The underlying investments of the investment funds may have significant unobservable inputs, which may include but are not limited to, comparable multiples and WACC rates applied in valuation models or a discounted cash flow model.

Certain investment funds for which Athene has elected the fair value option are included in Level 3 and are priced based on market accepted valuation models. The valuation models use significant unobservable inputs, which include material non-public financial information, estimation of future distributable earnings and demographic assumptions.

Other investments

The fair values of other investments are determined using a discounted cash flow model using discount rates for similar investments.

Funds withheld at interest embedded derivatives

Funds withheld at interest embedded derivatives represent the right to receive or obligation to pay the total return on the assets supporting the funds withheld at interest or funds withheld liability, respectively, and are analogous to a total return swap with a floating rate leg. The fair value of embedded derivatives on funds withheld and modco agreements is measured as the unrealized gain (loss) on the underlying assets and classified as Level 3.

Derivatives

Derivative contracts can be exchange traded or over the counter. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy depending on trading activity. Over-the-counter derivatives are valued using valuation models or an income approach using third-party broker valuations. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, prepayment rates and correlation of the inputs. Athene considers and incorporates counterparty credit risk in the valuation process through counterparty credit rating requirements and monitoring of overall exposure. Athene also evaluates and includes its own nonperformance risk in valuing derivatives. The majority of Athene’s derivatives trade in liquid markets; therefore, it can verify model inputs and model selection does not involve significant management judgment. These are typically classified within Level 2 of the fair value hierarchy.

Interest sensitive contract liabilities embedded derivatives

Embedded derivatives related to interest sensitive contract liabilities with fixed indexed annuity products are classified as Level 3. The valuations include significant unobservable inputs associated with economic assumptions and actuarial assumptions for policyholder behavior.

AmerUs Closed Block

Athene elected the fair value option for the future policy benefits liability in the AmerUs Closed Block. The valuation technique is to set the fair value of policyholder liabilities equal to the fair value of assets. There is an additional component which captures the fair value of the open block’s obligations to the closed block business. This component is the present value of the projected release of required capital and future earnings before income taxes on required capital supporting the AmerUs Closed Block, discounted at a rate which represents a market participant’s required rate of return, less the initial required capital. Unobservable inputs include estimates for these items. The AmerUs Closed Block policyholder liabilities and any corresponding reinsurance recoverable are classified as Level 3.

ILICO Closed Block

Athene elected the fair value option for the ILICO Closed Block. The valuation technique is to set the fair value of policyholder liabilities equal to the fair value of assets. There is an additional component which captures the fair value of the open block’s obligations to the closed block business. This component uses the present value of future cash flows which include

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

commissions, administrative expenses, reinsurance premiums and benefits, and an explicit cost of capital. The discount rate includes a margin to reflect the business and nonperformance risk. Unobservable inputs include estimates for these items. The ILICO Closed Block policyholder liabilities and corresponding reinsurance recoverable are classified as Level 3.

Universal life liabilities and other life benefits

Athene elected the fair value option for certain blocks of universal and other life business ceded to Global Atlantic. Athene uses a present value of liability cash flows. Unobservable inputs include estimates of mortality, persistency, expenses, premium payments and a risk margin used in the discount rates that reflect the riskiness of the business. The universal life policyholder liabilities and corresponding reinsurance recoverable are classified as Level 3.

Other liabilities

Other liabilities include funds withheld liability embedded derivatives, as described above in funds withheld at interest embedded derivatives, and a ceded modco agreement of certain inforce funding agreement contracts for which Athene elected the fair value option. Athene estimates the fair value of the ceded modco agreement by discounting projected cash flows for net settlements and certain periodic and non-periodic payments. Unobservable inputs include estimates for asset portfolio returns and economic inputs used in the discount rate, including risk margin. Depending on the projected cash flows and other assumptions, the contract may be recorded as an asset or liability. The estimate is classified as Level 3.

7. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired

The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 8 for more information on Athene’s products.


	Three months ended March 31, 2025
	DAC								DSI		VOBA		Total DAC, DSI and VOBA
(In millions)	Traditional Deferred Annuities		Indexed Annuities		Funding Agreements		Other Investment-type		Indexed Annuities
Balance at December 31, 2024	$	1,158	$	2,278	$	40	$	11	$	1,476	$	2,210	$	7,173
Additions	237		258		19		1		184		—		699

Amortization	(81)		(58)		(5)		—		(40)		(83)		(267)
Other	1		—		—		—		—		—		1
Balance at March 31, 2025	$	1,315	$	2,478	$	54	$	12	$	1,620	$	2,127	$	7,606


	Three months ended March 31, 2024
	DAC								DSI		VOBA		Total DAC, DSI and VOBA
(In millions)	Traditional Deferred Annuities		Indexed Annuities		Funding Agreements		Other Investment-type		Indexed Annuities
Balance at December 31, 2023	$	890	$	1,517	$	10	$	11	$	970	$	2,581	$	5,979
Additions	147		294		18		—		177		—		636
Amortization	(51)		(39)		(2)		—		(26)		(89)		(207)
Balance at March 31, 2024	$	986	$	1,772	$	26	$	11	$	1,121	$	2,492	$	6,408

Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds, including traditional deferred annuities and indexed annuities, are amortized on a constant-level basis for a cohort of contracts using initial premium or deposit. Significant inputs and assumptions are required for determining the expected duration of the cohort and involves using accepted actuarial methods to determine decrement rates related to policyholder behavior for lapses, withdrawals (surrenders) and mortality. The assumptions used to determine the amortization of DAC and DSI are consistent with those used to estimate the related liability balance.

Deferred costs related to investment contracts without significant revenue streams from sources other than investment of policyholder funds are amortized using the effective interest method, which primarily includes funding agreements. The effective interest method requires inputs to project future cash flows, which for funding agreements includes contractual terms of notional value, periodic interest payments based on either fixed or floating interest rates, and duration. For other investment-

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

type contracts which include immediate annuities and assumed endowments without significant mortality risks, assumptions are required related to policyholder behavior for lapses and withdrawals (surrenders).

8. Long-duration Contracts

Interest sensitive contract liabilities – Interest sensitive contract liabilities primarily include:

▪traditional deferred annuities,

▪indexed annuities consisting of fixed indexed, index-linked variable annuities, and assumed indexed universal life without significant mortality risk,

▪funding agreements, and

▪other investment-type contracts comprising of immediate annuities without significant mortality risk (which includes pension group annuities without life contingencies) and assumed endowments without significant mortality risks.

The following represents a rollforward of the policyholder account balance by product within interest sensitive contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve.


	Three months ended March 31, 2025
(In millions, except percentages)	Traditional Deferred Annuities			Indexed Annuities			Funding Agreements			Other Investment-type			Total
Balance at December 31, 2024	$	86,661		$	97,861		$	54,768		$	8,030		$	247,320
Deposits	10,515			4,127			10,744			118			25,504
Policy charges	—			(186)			—			—			(186)
Surrenders and withdrawals	(1,305)			(2,824)			—			(19)			(4,148)
Benefit payments	(342)			(391)			(2,768)			(86)			(3,587)
Interest credited	993			840			644			54			2,531
Foreign exchange	175			2			287			230			694
Other	—			—			144			(9)			135
Balance at March 31, 2025	$	96,697		$	99,429		$	63,819		$	8,318		$	268,263

Weighted average crediting rate	4.6		%	2.6		%	4.6		%	2.7		%
Net amount at risk	$	421		$	15,599		$	—		$	45
Cash surrender value	90,843			90,820			—			6,907


	Three months ended March 31, 2024
(In millions, except percentages)	Traditional Deferred Annuities			Indexed Annuities			Funding Agreements			Other Investment-type			Total
Balance at December 31, 2023	$	64,763		$	93,147		$	32,350		$	7,629		$	197,889
Deposits	7,165			4,814			8,542			485			21,006
Policy charges	(1)			(168)			—			—			(169)
Surrenders and withdrawals	(1,328)			(3,150)			—			(20)			(4,498)
Benefit payments	(283)			(433)			(1,840)			(57)			(2,613)
Interest credited	697			641			299			49			1,686
Foreign exchange	(183)			(3)			(184)			(314)			(684)
Other	—			—			(78)			(24)			(102)
Balance at March 31, 2024	$	70,830		$	94,848		$	39,089		$	7,748		$	212,515


Weighted average crediting rate	4.1		%	2.4		%	4.0		%	2.7		%
Net amount at risk	$	425		$	14,995		$	—		$	88
Cash surrender value	66,597			86,747			—			6,542

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The following is a reconciliation of interest sensitive contract liabilities to the condensed consolidated statements of financial condition:


	March 31,
(In millions)	2025		2024
Traditional deferred annuities	$	96,697	$	70,830
Indexed annuities	99,429		94,848

Funding agreements	63,819		39,089
Other investment-type	8,318		7,748

Reconciling items1	5,176		7,719
Interest sensitive contract liabilities	$	273,439	$	220,234

1 Reconciling items primarily include embedded derivatives in indexed annuities, unaccreted host contract adjustments on indexed annuities, negative VOBA, sales inducement liabilities, and wholly ceded universal life insurance contracts.

The following represents policyholder account balances by range of guaranteed minimum crediting rates (“GMCR”), as well as the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums. Athene’s funding agreements and other investment-type products provide Athene little to no discretionary ability to change the rates of interest payable to the respective policyholder or institution, and as a result, those policyholder account balances are excluded from the following tables.


	March 31, 2025
(In millions)	At Guaranteed Minimum		1 Basis Point – 100 Basis Points Above Guaranteed Minimum		Greater than 100 Basis Points Above Guaranteed Minimum		Total
Traditional deferred annuities
< 2.0%	$	4,759	$	1,620	$	77,515	$	83,894
2.0% - < 4.0%	6,194		634		1,997		8,825
4.0% - < 6.0%	3,972		2		1		3,975
6.0% and greater	3		—		—		3
Total traditional deferred annuities	$	14,928	$	2,256	$	79,513	$	96,697



Indexed annuities
< 2.0%	$	1,658	$	1,211	$	3,129	$	5,998
2.0% - <4.0%	4,276		44		186		4,506


Total indexed annuities with GMCR	5,934		1,255		3,315		10,504
Other1							88,925
Total indexed annuities							$	99,429


























1 Includes account value allocated to an indexed strategy or other amounts without a GMCR.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


	March 31, 2024
(In millions)	At Guaranteed Minimum		1 Basis Point – 100 Basis Points Above Guaranteed Minimum		Greater than 100 Basis Points Above Guaranteed Minimum		Total
Traditional deferred annuities
< 2.0%	$	4,117	$	3,181	$	50,943	$	58,241
2.0% - < 4.0%	7,418		446		1,293		9,157
4.0% - < 6.0%	3,420		9		1		3,430
6.0% and greater	2		—		—		2
Total traditional deferred annuities	$	14,957	$	3,636	$	52,237	$	70,830



Indexed annuities
< 2.0%	$	2,263	$	1,571	$	2,888	$	6,722
2.0% - < 4.0%	5,061		62		—		5,123


Total indexed annuities with GMCR	$	7,324	$	1,633	$	2,888	11,845
Other1							83,003
Total indexed annuities							$	94,848




























1 Includes account value allocated to an indexed strategy or other amounts without a GMCR.
Note: The amounts presented in this table have been revised to conform with the current year presentation to provide certain product-level detail and account value allocated to an indexed strategy or other amounts without a GMCR.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Future policy benefits – Future policy benefits consist primarily of payout annuities, including single premium immediate annuities with life contingencies (which include pension group annuities with life contingencies), and whole life insurance contracts.

The following is a rollforward by product within future policy benefits:


	Three months ended March 31, 2025
(In millions, except percentages and years)	Payout Annuities with Life Contingencies			Whole Life			Total
Present value of expected net premiums
Beginning balance	$	—		$	880		$	880
Effect of changes in discount rate assumptions	—			(30)			(30)
Effect of foreign exchange on the change in discount rate assumptions	—			2			2
Beginning balance at original discount rate	—			852			852




Interest accrual	—			4			4
Net premium collected	—			(47)			(47)
Foreign exchange	—			40			40
Ending balance at original discount rate	—			849			849
Effect of changes in discount rate assumptions	—			20			20
Effect of foreign exchange on the change in discount rate assumptions	—			(1)			(1)
Ending balance, present value of expected net premiums	$	—		$	868		$	868
Present value of expected future policy benefits
Beginning balance	$	42,261		$	2,711		$	44,972
Effect of changes in discount rate assumptions	7,378			206			7,584
Effect of foreign exchange on the change in discount rate assumptions	(5)			(1)			(6)
Beginning balance at original discount rate	49,634			2,916			52,550

Effect of actual to expected experience	(42)			2			(40)
Adjusted balance	49,592			2,918			52,510
Issuances	75			—			75
Interest accrual	442			17			459
Benefit payments	(1,132)			(22)			(1,154)
Foreign exchange	25			143			168

Ending balance at original discount rate	49,002			3,056			52,058
Effect of changes in discount rate assumptions	(6,778)			(288)			(7,066)
Effect of foreign exchange on the change in discount rate assumptions	(6)			(10)			(16)
Ending balance, present value of expected future policy benefits	42,218			2,758			44,976
Less: Present value of expected net premiums	—			868			868
Net future policy benefits	$	42,218		$	1,890		$	44,108

Weighted-average liability duration (in years)	9.4			30.0
Weighted-average interest accretion rate	3.7		%	4.8		%
Weighted-average current discount rate	5.4		%	4.7		%
Expected future gross premiums, undiscounted	$	—		$	1,073
Expected future gross premiums, discounted1	—			927
Expected future benefit payments, undiscounted	71,699			10,126

1 Discounted at the original discount rate.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


	Three months ended March 31, 2024
(In millions, except percentages and years)	Payout Annuities with Life Contingencies			Whole Life			Total
Present value of expected net premiums
Beginning balance	$	—		$	1,182		$	1,182
Effect of changes in discount rate assumptions	—			(45)			(45)
Effect of foreign exchange on the change in discount rate assumptions	—			(2)			(2)
Beginning balance at original discount rate	—			1,135			1,135




Interest accrual	—			6			6
Net premium collected	—			(53)			(53)
Foreign exchange	—			(77)			(77)
Ending balance at original discount rate	—			1,011			1,011
Effect of changes in discount rate assumptions	—			43			43
Effect of foreign exchange on the change in discount rate assumptions	—			(1)			(1)
Ending balance, present value of expected net premiums	$	—		$	1,053		$	1,053
Present value of expected future policy benefits
Beginning balance	$	45,001		$	3,371		$	48,372
Effect of changes in discount rate assumptions	6,233			(89)			6,144
Effect of foreign exchange on the change in discount rate assumptions	1			(6)			(5)
Beginning balance at original discount rate	51,235			3,276			54,511

Effect of actual to expected experience	(4)			(4)			(8)
Adjusted balance	51,231			3,272			54,503
Issuances	42			—			42
Interest accrual	453			18			471
Benefit payments	(1,126)			(19)			(1,145)
Foreign exchange	(7)			(225)			(232)

Ending balance at original discount rate	50,593			3,046			53,639
Effect of changes in discount rate assumptions	(6,999)			50			(6,949)
Effect of foreign exchange on the change in discount rate assumptions	2			(1)			1
Ending balance, present value of expected future policy benefits	43,596			3,095			46,691
Less: Present value of expected net premiums	—			1,053			1,053
Net future policy benefits	$	43,596		$	2,042		$	45,638



Weighted-average liability duration (in years)	9.5			32.7
Weighted-average interest accretion rate	3.7		%	4.8		%
Weighted-average current discount rate	5.4		%	4.4		%
Expected future gross premiums, undiscounted	$	—		$	1,344
Expected future gross premiums, discounted1	—			1,103
Expected future benefit payments, undiscounted	74,239			11,449


1 Discounted at the original discount rate.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The following is a reconciliation of future policy benefits to the condensed consolidated statements of financial condition:


	March 31,
(In millions)	2025		2024
Payout annuities with life contingencies	$	42,218	$	43,596
Whole life	1,890		2,042
Reconciling items1	5,789		6,034
Future policy benefits	$	49,897	$	51,672

1 Reconciling items primarily include the deferred profit liability and negative VOBA associated with the liability for future policy benefits. Additionally, it includes term life reserves, fully ceded whole life reserves, and reserves for immaterial lines of business including accident and health and disability, as well as other insurance benefit reserves for no-lapse guarantees with universal life contracts, all of which are fully ceded.

The following is a reconciliation of premiums and interest expense relating to future policy benefits to the condensed consolidated statements of operations:


	Premiums
	Three months ended March 31,
(In millions)	2025		2024
Payout annuities with life contingencies	$	70	$	38
Whole life	51		55
Reconciling items1	6		8
Total premiums	$	127	$	101

	Interest expense
	Three months ended March 31,
(In millions)	2025		2024
Payout annuities with life contingencies	$	442	$	453
Whole life	12		12

Total interest expense	$	454	$	465

1 Reconciling items primarily relate to immaterial lines of business including term life, fully ceded whole life, and accident and health and disability.

Significant assumptions and inputs to the calculation of future policy benefits for payout annuities with life contingencies include policyholder demographic data, assumptions for policyholder longevity and policyholder utilization for contracts with deferred lives, and discount rates. For whole life products, significant assumptions and inputs include policyholder demographic data, assumptions for mortality, morbidity, and lapse and discount rates.

Athene bases certain key assumptions related to policyholder behavior on industry standard data adjusted to align with actual company experience, if necessary. At least annually, Athene reviews all significant cash flow assumptions and updates as necessary, unless emerging experience indicates a more frequent review is necessary. The discount rate reflects market observable inputs from upper-medium grade fixed income instrument yields and is interpolated, where necessary, to conform to the duration of Athene’s liabilities.

During the three months ended March 31, 2025, the present value of expected future policy benefits increased by $4 million, which was driven by a $528 million change in discount rate assumptions related to a decrease in market observable rates, $459 million of interest accruals, a $168 million change in foreign exchange and $75 million of issuances, primarily pension group annuities, offset by $1,154 million of benefit payments.

During the three months ended March 31, 2024, the present value of expected future policy benefits decreased by $1,681 million, which was driven by $1,145 million of benefit payments and an $803 million change in discount rate assumptions related to an increase in market observable rates, partially offset by $471 million of interest accrual.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The following is a summary of remeasurement gains (losses) included within future policy and other policy benefits on the condensed consolidated statements of operations:


	Three months ended March 31,
(In millions)	2025		2024
Reserves	$	40	$	8
Deferred profit liability	1		(20)

Total remeasurement gains (losses)	$	41	$	(12)

During the three months ended March 31, 2025 and 2024, Athene recorded reserve increases of $8 million and $25 million, respectively, on the condensed consolidated statements of operations as a result of the present value of benefits and expenses exceeding the present value of gross premiums.

Market risk benefits – Athene issues and reinsures traditional deferred and indexed annuity products that contain GLWB and GMDB riders that meet the criteria to be classified as market risk benefits.

The following is a rollforward of net market risk benefit liabilities by product:


	Three months ended March 31, 2025
(In millions, except years)	Traditional Deferred Annuities		Indexed Annuities		Total
Balance at December 31, 2024	$	190	$	3,525	$	3,715
Effect of changes in instrument-specific credit risk	(3)		(154)		(157)
Balance, beginning of period, before changes in instrument-specific credit risk	187		3,371		3,558
Issuances	—		87		87
Interest accrual	2		42		44
Attributed fees collected	—		93		93
Benefit payments	(1)		(14)		(15)
Effect of changes in interest rates	6		183		189
Effect of changes in equity	—		50		50
Effect of actual policyholder behavior compared to expected behavior	—		30		30


Balance, end of period, before changes in instrument-specific credit risk	194		3,842		4,036
Effect of changes in instrument-specific credit risk	—		41		41
Balance at March 31, 2025	194		3,883		4,077
Less: Reinsurance recoverable	—		47		47
Balance at March 31, 2025, net of reinsurance	$	194	$	3,836	$	4,030


Net amount at risk	$	421	$	15,599
Weighted-average attained age of contract holders (in years)	76		69

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


	Three months ended March 31, 2024
(In millions, except years)	Traditional Deferred Annuities		Indexed Annuities		Total
Balance at December 31, 2023	$	192	$	3,181	$	3,373
Effect of changes in instrument-specific credit risk	2		(10)		(8)
Balance, beginning of period, before changes in instrument-specific credit risk	194		3,171		3,365
Issuances	—		93		93
Interest accrual	3		47		50
Attributed fees collected	1		86		87
Benefit payments	(2)		(15)		(17)
Effect of changes in interest rates	(8)		(220)		(228)
Effect of changes in equity	—		(73)		(73)
Effect of actual policyholder behavior compared to expected behavior	2		25		27


Balance, end of period, before changes in instrument-specific credit risk	190		3,114		3,304
Effect of changes in instrument-specific credit risk	(1)		37		36
Balance at March 31, 2024	189		3,151		3,340
Less: Reinsurance recoverable	—		10		10
Balance, at March 31, 2024, net of reinsurance	$	189	$	3,141	$	3,330


Net amount at risk	$	425	$	14,995
Weighted-average attained age of contract holders (in years)	76		69

The following is a reconciliation of market risk benefits to the condensed consolidated statements of financial condition. Market risk benefit assets are included in other assets on the condensed consolidated statements of financial condition.


	March 31, 2025
(In millions)	Asset		Liability		Net Liability
Traditional deferred annuities	$	—	$	194	$	194
Indexed annuities	285		4,168		3,883





Total	$	285	$	4,362	$	4,077

	March 31, 2024
(In millions)	Asset		Liability		Net Liability
Traditional deferred annuities	$	—	$	189	$	189
Indexed annuities	383		3,534		3,151





Total	$	383	$	3,723	$	3,340

During the three months ended March 31, 2025, net market risk benefit liabilities increased by $362 million, which was primarily driven by an increase of $189 million related to changes in the risk-free discount rate across the curve, $93 million in fees collected from policyholders, and $87 million of issuances.

During the three months ended March 31, 2024, net market risk benefit liabilities decreased by $33 million, which was primarily driven by a decrease of $228 million related to changes in the risk-free discount rate across the curve, offset by $93 million of issuances and $87 million in fees collected from policyholders.

The determination of the fair value of market risk benefits requires the use of inputs related to fees and assessments and assumptions in determining the projected benefits in excess of the projected account balance. Judgment is required for both economic and actuarial assumptions, which can be either observable or unobservable, that impact future policyholder account growth.

Economic assumptions include interest rates and implied volatilities throughout the duration of the liability. For indexed annuities, assumptions also include projected equity returns which impact cash flows attributable to indexed strategies, implied equity volatilities, expected index credits on the next policy anniversary date and future equity option costs. Assumptions related to the level of option budgets used for determining the future equity option costs and the impact on future policyholder account value growth are considered unobservable inputs.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Policyholder behavior assumptions are unobservable inputs and are established using accepted actuarial valuation methods to estimate withdrawals (surrender rate) and income rider utilization. Assumptions are generally based on industry data and pricing assumptions which are updated for actual experience, if necessary. Actual experience may be limited for recently issued products.

All inputs are used to project excess benefits and fees over a range of risk-neutral, stochastic interest rate scenarios. For indexed annuities, stochastic equity return scenarios are also included within the range. A risk margin is incorporated within the discount rate to reflect uncertainty in the projected cash flows such as variations in policyholder behavior, as well as a credit spread to reflect nonperformance risk, which is considered an unobservable input. Athene uses its public credit rating relative to the U.S. Treasury curve as of the valuation date to reflect its nonperformance risk in the fair value estimate of market risk benefits.

The following summarizes the unobservable inputs for market risk benefits:


	March 31, 2025
(In millions, except percentages)	Fair Value		Valuation Technique	Unobservable Inputs	Minimum		Maximum		Weighted Average			Impact of an Increase in the Input on Fair Value
Market risk benefits, net	$	4,077	Discounted cash flow	Nonperformance risk	0.5	%	1.3	%	1.1	%	1	Decrease
				Option budget	0.5	%	6.0	%	2.4	%	2	Decrease
				Surrender rate	3.1	%	6.8	%	4.5	%	2	Decrease
				Utilization rate	28.6	%	95.0	%	85.1	%	3	Increase

	March 31, 2024
(In millions, except percentages)	Fair Value		Valuation Technique	Unobservable Inputs	Minimum		Maximum		Weighted Average			Impact of an Increase in the Input on Fair Value
Market risk benefits, net	$	3,340	Discounted cash flow	Nonperformance risk	0.4	%	1.2	%	1.1	%	1	Decrease
				Option budget	0.5	%	6.0	%	2.0	%	2	Decrease
				Surrender rate	3.1	%	6.6	%	4.4	%	2	Decrease
				Utilization rate	28.6	%	95.0	%	84.1	%	3	Increase








1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve.
2 The option budget and surrender rate weighted averages are calculated based on projected account values.
3 The utilization of GLWB withdrawals represents the estimated percentage of policyholders that are expected to use their income rider over the duration of the contract, with the weighted average based on current account values.

9. Profit Sharing Payable

Profit sharing payable was $1.9 billion and $1.9 billion as of March 31, 2025 and December 31, 2024, respectively. The below is a roll-forward of the profit-sharing payable balance:


(In millions)	Total



Profit sharing payable, January 1, 2025	$	1,888
Profit sharing expense	262
Payments/other	(280)
Profit sharing payable, March 31, 2025	$	1,870

Profit sharing expense includes (i) changes in amounts due to current and former employees entitled to a share of performance revenues in funds managed by Apollo and (ii) changes to the fair value of the contingent consideration obligations recognized in connection with certain of the Company’s acquisitions. Profit sharing payable excludes the potential return of profit-sharing distributions that would be due if certain funds were liquidated, which is recorded in due from related parties in the condensed consolidated statements of financial condition.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The Company requires that a portion of certain of the performance revenues distributed to the Company’s employees be used to purchase restricted shares of common stock issued under its Equity Plan. Prior to distribution of the performance revenues, the Company records the value of the equity-based awards expected to be granted in other assets and accounts payable, accrued expenses, and other liabilities.

10. Income Taxes

The Company’s income tax provision totaled $243 million and $422 million for the three months ended March 31, 2025 and 2024, respectively. The Company’s effective income tax rate was approximately 20.6% and 19.3% for the three months ended March 31, 2025 and 2024, respectively.

Under U.S. GAAP, a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation, based on the technical merits of the position. As of March 31, 2025, the Company recorded $4 million of unrecognized tax benefits for uncertain tax positions. Approximately all of the unrecognized tax benefits, if recognized, would impact the effective tax rate. The Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record significant amounts of unrecognized tax benefits within the next twelve months.

The primary jurisdictions in which the Company operates and incurs income taxes are the United States, the United Kingdom, and Bermuda. There are no material unremitted earnings with respect to the United Kingdom or other foreign jurisdictions.

In the normal course of business, the Company is subject to examination by federal, state, local and foreign tax authorities. As of March 31, 2025, the Company’s U.S. federal, state, local and foreign income tax returns for the years 2021 through 2023 are open under the general statute of limitations provisions and therefore subject to examination. Currently, the Internal Revenue Service is examining the tax returns of the Company and certain subsidiaries for tax years 2019 to 2021. The State and City of New York are examining certain subsidiaries’ tax returns for tax years 2014 to 2023. The United Kingdom tax authorities are currently examining certain subsidiaries’ tax returns for tax years 2015 to 2022. There are other examinations ongoing in other foreign jurisdictions in which the Company operates. No provisions with respect to these examinations have been recorded, other than the unrecognized tax benefits discussed above.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

11. Debt

Company debt consisted of the following:


		March 31, 2025					December 31, 2024
(In millions, except percentages)	Maturity Date	Outstanding Balance		Fair Value				Outstanding Balance		Fair Value
Asset Management
4.40% 2026 Senior Notes1,2	May 27, 2026	$	499	$	499	3		$	499	$	496	3
4.87% 2029 Senior Notes1,2	February 15, 2029	675		681		3		675		670		3
2.65% 2030 Senior Notes1,2	June 5, 2030	497		453		3		497		439		3
6.38% 2033 Senior Notes1,2	November 15, 2033	493		543		3		492		542		3
5.00% 2048 Senior Notes1,2	March 15, 2048	297		270		3		297		271		3
5.80% 2054 Senior Notes1,2	May 21, 2054	741		741		3		741		753		3
7.63% 2053 Subordinated Notes1,2	September 15, 2053	585		623		4		584		642		4
6.00% 2054 Subordinated Notes1,2	December 15, 2054	493		485		3		494		494		3
		4,280		4,295				4,279		4,307
Retirement Services
4.13% 2028 AHL Senior Notes1	January 12, 2028	1,046		986		3		1,050		976		3
6.15% 2030 AHL Senior Notes1	April 3, 2030	575		527		3		579		519		3
3.50% 2031 AHL Senior Notes1	January 15, 2031	519		463		3		520		452		3
6.65% 2033 AHL Senior Notes1	February 1, 2033	396		426		3		395		425		3
5.88% 2034 AHL Senior Notes1	January 15, 2034	585		611		3		584		608		3
3.95% 2051 AHL Senior Notes1	May 25, 2051	544		358		3		544		360		3
3.45% 2052 AHL Senior Notes1	May 15, 2052	504		321		3		504		322		3
6.25% 2054 AHL Senior Notes1	April 1, 2054	982		1,004		3		983		1,003		3
6.63% 2054 AHL Subordinated Notes1	October 15, 2054	592		597		3		592		598		3
7.25% 2064 AHL Subordinated Notes1	March 30, 2064	558		579		4		558		581		4
		6,301		5,872				6,309		5,844
Total Debt		$	10,581	$	10,167			$	10,588	$	10,151

1 Interest rate is calculated as weighted average annualized.
2 Includes amortization of note discount, as applicable, totaling $44 million and $44 million as of March 31, 2025 and December 31, 2024, respectively. Outstanding balance is presented net of unamortized debt issuance costs.

3 Fair value is based on broker quotes. These notes are valued using Level 2 inputs based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from external pricing services.
4 Fair value is based on quoted market prices. These notes are classified as a Level 1 liability within the fair value hierarchy.

Asset Management – Notes Issued

The indentures governing the 2026 Senior Notes, the 2029 Senior Notes, the 2030 Senior Notes, the 2033 Senior Notes, the 2048 Senior Notes, the 2054 Senior Notes, the 2053 Subordinated Notes and the 2054 Subordinated Notes restrict the ability of AGM, AMH and the guarantors of the notes to incur indebtedness secured by liens on voting stock or profit participating equity interests of their respective subsidiaries, or merge, consolidate or sell, transfer or lease assets. The indentures also provide for customary events of default.

Retirement Services – Notes Issued

AHL Senior Notes – Athene’s senior unsecured notes are callable by AHL at any time. If called prior to three months before the scheduled maturity date, the price is equal to the greater of (1) 100% of the principal and any accrued and unpaid interest and (2) an amount equal to the sum of the present values of remaining scheduled payments, discounted from the scheduled payment date to the redemption date at the treasury rate plus a spread (as defined in the applicable prospectus supplement) and any accrued and unpaid interest.

AHL Subordinated Notes – Athene has fixed-rate reset subordinated notes outstanding, which pay interest at the initially stated fixed rate until the interest rate reset dates, at which point the interest rate resets to the Five-Year U.S. Treasury Rate plus a spread. Reset terms are as defined in the applicable prospectus supplement. Athene may defer interest payments on the subordinated notes for up to five consecutive years.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Credit and Liquidity Facilities

The following table represents the Company’s credit and liquidity facilities as of March 31, 2025:


Instrument/Facility	Borrowing Date	Maturity Date	Administrative Agent	Key terms

Asset Management - AGM credit facility	N/A	November 21, 2029	Citibank	The borrowing capacity under the AGM credit facility is $1.25 billion, subject to being increased up to $1.5 billion in total.
Retirement Services - AHL credit facility	N/A	June 30, 2028	Citibank	The borrowing capacity under the AHL credit facility is $1.25 billion, subject to being increased up to $1.75 billion in total.
Retirement Services - AHL liquidity facility	N/A	June 27, 2025	Wells Fargo Bank	The borrowing capacity under the AHL liquidity facility is $2.6 billion, subject to being increased up to $3.1 billion in total.

Asset Management – Credit Facility

On November 21, 2024, AGM and AMH, as parent borrower and subsidiary borrower, respectively, entered into a $1.25 billion revolving credit facility with Citibank, N.A., as administrative agent, which matures on November 21, 2029 (“AGM credit facility”). As of March 31, 2025, AGM and AMH, as borrowers under the facility, could incur incremental facilities in an aggregate amount not to exceed $250 million plus additional amounts so long as AGM and AMH were in compliance with a net leverage ratio not to exceed 4.00 to 1.00.

As of March 31, 2025 and December 31, 2024, there were no amounts outstanding under the AGM credit facility and the Company was in compliance with all financial covenants under the facilities.

Retirement Services – Credit and Liquidity Facilities

AHL Credit Facility—On June 30, 2023, AHL, ALRe, AUSA and AARe entered into a five-year revolving credit agreement with a syndicate of banks and Citibank, N.A. as administrative agent (“AHL credit facility”). The AHL credit facility is unsecured and has a commitment termination date of June 30, 2028, subject to up to two one-year extensions, in accordance with the terms of the AHL credit facility. In connection with the AHL credit facility, AHL and AUSA guaranteed all of the obligations of AHL, ALRe, AARe and AUSA under the AHL credit facility and the related loan documents, and ALRe and AARe guaranteed certain of the obligations of AHL, ALRe, AARe and AUSA under the AHL credit facility and the related loan documents. The borrowing capacity under the AHL credit facility is $1.25 billion, subject to being increased up to $1.75 billion in total on the terms described in the AHL credit facility.

The AHL credit facility contains various standard covenants with which Athene must comply, including the following:

1.Consolidated debt-to-capitalization ratio not to exceed 35%;

2.Minimum consolidated net worth of no less than $14.8 billion; and

3.Restrictions on Athene’s ability to incur liens, with certain exceptions.

Interest accrues on outstanding borrowings at either the adjusted term secured overnight financing rate plus a margin or the base rate plus a margin, with the applicable margin varying based on AHL’s debt rating. Rates and terms are as defined in the AHL credit facility. As of March 31, 2025 and December 31, 2024, there were no amounts outstanding under the AHL credit facility and Athene was in compliance with all financial covenants under the facility.

AHL Liquidity Facility—On June 28, 2024, AHL and ALRe entered into a revolving credit agreement with a syndicate of banks and Wells Fargo Bank, National Association, as administrative agent, (“AHL liquidity facility”). The AHL liquidity facility is unsecured and has a commitment termination date of June 27, 2025, subject to any extensions of additional 364-day periods with consent of extending lenders and/or “term-out” of outstanding loans (by which, at Athene’s election, the outstanding loans may be converted to term loans which shall have a maturity of up to one year after the original maturity date), in each case in accordance with the terms of the AHL liquidity facility. In connection with the AHL liquidity facility, ALRe guaranteed all of the obligations of AHL under the AHL liquidity facility and the related loan documents. The AHL liquidity facility will be used for liquidity and working capital needs to meet short-term cash flow and investment timing differences. The borrowing capacity under the AHL liquidity facility is $2.6 billion, subject to being increased up to $3.1 billion in total on

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

the terms described in the AHL liquidity facility. The AHL liquidity facility contains various standard covenants with which Athene must comply, including the following:

1.ALRe minimum consolidated net worth of no less than $10.2 billion; and

2.Restrictions on Athene’s ability to incur liens, with certain exceptions.

Interest accrues on outstanding borrowings at the adjusted term secured overnight financing rate plus a margin or the base rate plus a margin, with applicable margin varying based on ALRe’s financial strength rating. Rates and terms are as defined in the AHL liquidity facility. As of March 31, 2025 and December 31, 2024, there were no amounts outstanding under the AHL liquidity facility and Athene was in compliance with all financial covenants under the facility.

Interest Expense

The following table presents the interest expense incurred related to the Company’s debt:


	Three months ended March 31,
(In millions)	2025		2024
Asset Management	$	60	$	51
Retirement Services1	75		43
Total Interest Expense	$	135	$	94

Note: Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable.
1 Interest expense for Retirement Services is included in policy and other operating expenses on the condensed consolidated statements of operations.

12. Equity-Based Compensation

Under the Equity Plan, the Company grants equity-based awards to employees. Equity-based awards granted to employees and non-employees as compensation are measured based on the grant date fair value of the award, which considers the public share price of AGM’s common stock subject to certain discounts, as applicable.

The Company grants both service-based and performance-based awards. The estimated total grant date fair value for service-based awards is charged to compensation expense on a straight-line basis over the vesting period, which is generally one to five years from the date of grant. Certain service-based awards are tied to profit sharing arrangements in which a portion of the performance fees distributed to the general partner are required to be used by employees to purchase restricted shares of common stock or are delivered in the form of RSUs, which are granted under the Company’s Equity Plan. Performance-based awards vest subject to continued employment and the Company’s achievement of specified performance goals. In accordance with U.S. GAAP, equity-based compensation expense for performance grants are typically recognized on an accelerated recognition method over the requisite service period to the extent the performance revenue metrics are met or deemed probable. Equity-based awards that do not require future service (i.e., vested awards) are expensed immediately.

For the three months ended March 31, 2025 and 2024, the Company recorded equity-based compensation expense of $149 million and $189 million, respectively. As of March 31, 2025, there was $942 million of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 2.3 years.

Service-Based Awards

During the three months ended March 31, 2025 and 2024, the Company awarded 3.0 million and 3.3 million of service-based RSUs, respectively, with a grant date fair value of $481 million and $353 million, respectively.

During the three months ended March 31, 2025 and 2024, the Company recorded equity-based compensation expense on service-based RSUs of $118 million and $92 million, respectively.

Performance-Based Awards

During the three months ended March 31, 2025, there were no performance-based RSUs awarded. During the three months ended March 31, 2024, the Company awarded 0.8 million of performance-based RSUs with a grant date fair value of $85

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

million, which primarily vest subject to continued employment and the Company’s receipt of performance revenues, within prescribed periods, sufficient to cover the associated equity-based compensation expense.

During the three months ended March 31, 2025 and 2024, the Company recorded equity-based compensation expense on performance-based awards of $16 million and $74 million, respectively.

In December 2021, the Company awarded one-time grants to the Co-Presidents of AAM of 6.0 million RSUs which vest on a cliff basis subject to continued employment over five years, with 2.0 million of those RSUs also subject to the Company’s achievement of certain fee related earnings and spread related earnings per share metrics. During the three months ended March 31, 2025 and 2024, the Company recorded equity-based compensation expense related to these one-time grants of $14 million and $14 million, respectively, for service-based awards and $6 million and $6 million, respectively, for performance-based awards.

The following table summarizes all RSU activity for the current period:


	Unvested	Weighted Average Grant Date Fair Value		Vested	Total Number of RSUs Outstanding
Balance at January 1, 2025	14,635,028	$	70.03	21,337,132	35,972,160

Granted	2,970,846	160.29		65,707	3,036,553
Forfeited	(42,656)	81.83		—	(42,656)
Vested	(2,223,141)	87.97		2,223,141	—
Issued	—	—		(7,480,021)	(7,480,021)
Balance at March 31, 2025	15,340,077	$	78.45	16,145,959	31,486,036

Restricted Stock Awards

During the three months ended March 31, 2025 and 2024, the Company awarded 0.1 million and 0.1 million restricted stock awards, respectively, from profit sharing arrangements with a grant date fair value of $6 million and $9 million, respectively.

During the three months ended March 31, 2025 and 2024, the Company recorded equity-based compensation expense related to restricted stock awards from profit sharing arrangements of $9 million and $12 million, respectively.

13. Equity

Common Stock

Holders of common stock are entitled to participate in dividends from the Company on a pro rata basis.

During the three months ended March 31, 2025 and 2024, the Company issued shares of common stock in settlement of vested RSUs. The Company has generally allowed holders of vested RSUs and exercised share options to settle their tax liabilities by reducing the number of shares of common stock issued to them, which the Company refers to as “net share settlement.” Additionally, the Company has generally allowed holders of share options to settle their exercise price by reducing the number of shares of common stock issued to them at the time of exercise by an amount sufficient to cover the exercise price. The net share settlement results in a liability for the Company and a corresponding adjustment to retained earnings (accumulated deficit).

On January 3, 2022, the Company announced a share repurchase program, pursuant to which, the Company was authorized to repurchase (i) up to an aggregate of $1.5 billion of shares of its common stock in order to opportunistically reduce its share count and (ii) up to an aggregate of $1.0 billion of shares of its common stock in order to offset the dilutive impact of share issuances under its equity incentive plans. On February 21, 2023, the AGM board of directors approved a reallocation of the Company’s share repurchase program, pursuant to which, the Company was authorized to repurchase (i) up to an aggregate of $1.0 billion of shares of its common stock in order to opportunistically reduce its share count, a decrease of $0.5 billion of shares from the previously authorized amount and (ii) up to an aggregate of $1.5 billion of shares of its common stock in order to offset the dilutive impact of share issuances under its equity incentive plans, an increase of $0.5 billion of shares from the previously authorized amount.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

On February 8, 2024, the AGM board of directors terminated the Company’s prior share repurchase program and approved a new share repurchase program, pursuant to which, the Company is authorized to repurchase up to $3.0 billion of shares of its common stock to opportunistically reduce the Company’s share count or offset the dilutive impact of share issuances under the Company’s equity incentive plans. Shares of common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions, pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act, or otherwise, as well as through reductions of shares that otherwise would have been issued to participants under the Company’s Equity Plan in order to satisfy associated tax obligations. The repurchase program does not obligate the Company to make any repurchases at any specific time. The program is effective until the aggregate repurchase amount that has been approved by the AGM board of directors has been expended and may be suspended, extended, modified or discontinued at any time.

The table below outlines the share activity for the three months ended March 31, 2025 and 2024:


	Three months ended March 31,
	2025	2024
Shares of common stock issued in settlement of vested RSUs and options exercised1	7,480,021	5,963,140
Reduction of shares of common stock issued2	(3,186,770)	(2,292,336)
Shares of common stock purchased related to share issuances and forfeitures3	(2,841)	(147,111)
Issuance of shares of common stock for equity-based awards	4,290,410	3,523,693

1 The gross value of shares issued was $1,234 million and $642 million for the three months ended March 31, 2025 and 2024, respectively, based on the closing price of the shares of common stock at the time of issuance.
2 Cash paid for tax liabilities associated with net share settlement was $528 million and $314 million for the three months ended March 31, 2025 and 2024, respectively.
3 Certain Apollo employees receive a portion of the profit sharing proceeds of certain funds in the form of (a) restricted shares of common stock that they are required to purchase with such proceeds or (b) RSUs, in each case which equity-based awards generally vest over three years. These equity-based awards are granted under the Company's Equity Plan. To prevent dilution on account of these awards, Apollo may, in its discretion, repurchase shares of common stock on the open market and retire them. During the three months ended March 31, 2025 and 2024, Apollo issued 38,912 and 82,858 of such restricted shares and 2,841 and 147,111 of such RSUs under the Equity Plan, respectively.

During the three months ended March 31, 2025 and 2024, 1,392,000 and 2,337,000 shares of common stock, respectively, were repurchased in open market transactions as part of the publicly announced share repurchase programs discussed above, and such shares were subsequently canceled by the Company. The Company paid $193 million and $260 million for these open market share repurchases during the three months ended March 31, 2025 and 2024, respectively.

During the three months ended March 31, 2025, the Company issued 540,177 shares of common stock in settlement of a deferred consideration obligation.

Mandatory Convertible Preferred Stock

On August 11, 2023, the Company issued 28,750,000 shares, or $1.4 billion aggregate liquidation preference, of its 6.75% Series A Mandatory Convertible Preferred Stock (the “Mandatory Convertible Preferred Stock”).

Dividends on the Mandatory Convertible Preferred Stock will be payable on a cumulative basis when, as and if declared by the AGM board of directors, or an authorized committee thereof, at an annual rate of 6.75% on the liquidation preference of $50.00 per share, and may be paid in cash or, subject to certain limitations, in shares of common stock or, subject to certain limitations, any combination of cash and shares of common stock. If declared, dividends on the Mandatory Convertible Preferred Stock will be payable quarterly on January 31, April 30, July 31 and October 31 of each year, commencing on October 31, 2023, and ending on, and including, July 31, 2026. The first dividend payment on October 31, 2023 was $0.7500 per share of Mandatory Convertible Preferred Stock, with subsequent quarterly cash dividends expected to be $0.8438 per share of Mandatory Convertible Preferred Stock.

Unless converted earlier in accordance with its terms, each share of Mandatory Convertible Preferred Stock will automatically convert on the mandatory conversion date, which is expected to be July 31, 2026, into between 0.5057 shares and 0.6068 shares of common stock, in each case, subject to customary anti-dilution adjustments described in the certificate of designations related to the Mandatory Convertible Preferred Stock (the “Certificate of Designations”). The number of shares of common stock issuable upon conversion will be determined based on the average volume weighted average price per share of common

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

stock over the 20 consecutive trading day period beginning on, and including, the 21st scheduled trading day immediately prior to July 31, 2026.

Holders of shares of Mandatory Convertible Preferred Stock have the option to convert all or any portion of their shares of Mandatory Convertible Preferred Stock at any time. The conversion rate applicable to any early conversion may in certain circumstances be increased to compensate holders of the Mandatory Convertible Preferred Stock for certain unpaid accumulated dividends as described in the Certificate of Designations.

If a Fundamental Change, as defined in the Certificate of Designations, occurs on or prior to July 31, 2026, then holders of the Mandatory Convertible Preferred Stock will be entitled to convert all or any portion of their Mandatory Convertible Preferred Stock at the Fundamental Change Conversion Rate for a specified period of time and to also receive an amount to compensate them for certain unpaid accumulated dividends and any remaining future scheduled dividend payments.

The Mandatory Convertible Preferred Stock is not subject to redemption at the Company’s option.

During the three months ended March 31, 2024, 235 shares of the Mandatory Convertible Preferred Stock were converted at the option of the respective holders. As of March 31, 2025 and December 31, 2024, there were 28,749,765 and 28,749,765 shares of Mandatory Convertible Preferred Stock issued and outstanding, respectively.

Warrants

In 2022, the Company issued warrants in a private placement exercisable for up to 12.5 million shares of common stock at an exercise price of $82.80 per share. As of March 31, 2025, warrants exercisable for 10.0 million shares of common stock were vested and exercisable. The remaining warrants exercisable for 2.5 million shares of common stock will become exercisable in the first quarter of 2026. As of March 31, 2025, pursuant to certain anti-dilution provisions, the exercise price for the warrants was adjusted to $82.73.

In November 2024, the Company issued warrants in a private placement exercisable for up to 2.9 million shares of common stock at an exercise price of $173.51 per share. The warrants are exercisable on the issuance date and each of the first, second, third, fourth, fifth and sixth anniversaries thereof. As of March 31, 2025, warrants exercisable for 0.4 million shares of common stock were vested and exercisable. Each warrant, to the extent exercised, will be settled on a “cashless net exercise basis.” The warrants will expire on the seventh anniversary of the issuance date, with any vested but unexercised warrants being automatically exercised at such time if the trading price of common stock is above the exercise price.

In April 2025, the Company issued 1,080,041 shares of common stock in relation to a cashless exercise of 2.6 million vested warrants issued in 2022.

Donor-Advised Fund

In February 2025, the Company established a donor-advised fund (the “Apollo DAF”) as part of its ongoing commitment to philanthropy. The Company issued 1,213,003 shares of common stock in February 2025 to fund the Apollo DAF.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Dividends and Distributions

Outlined below is information regarding quarterly dividends and distributions (in millions, except per share data).


Dividend Declaration Date	Dividend per Share of Common Stock		Payment Date	Dividend to Common Stockholders		Distribution Equivalents on Participating Securities

























February 8, 2024	$	0.43	February 29, 2024	$	245	$	14
May 2, 2024	0.46		May 31, 2024	263		16
August 1, 2024	0.46		August 30, 2024	262		15
November 5, 2024	0.46		November 29, 2024	262		15
Year ended December 31, 2024	$	1.81		$	1,032	$	60
February 4, 2025	$	0.46	February 28, 2025	$	264	$	14



Three months ended March 31, 2025	$	0.46		$	264	$	14

Accumulated Other Comprehensive Income (Loss)


(In millions)	Unrealized investment gains (losses) on AFS securities without a credit allowance		Unrealized investment gains (losses) on AFS securities with a credit allowance		Unrealized gains (losses) on hedging instruments		Remeasurement gains (losses) on future policy benefits related to discount rate		Remeasurement gains (losses) on market risk benefits related to credit risk		Foreign currency translation and other adjustments		Accumulated other comprehensive income (loss)
Balance at December 31, 2024	$	(9,174)	$	(284)	$	(119)	$	4,235	$	(103)	$	(49)	$	(5,494)

Other comprehensive income (loss) before reclassifications	1,338		(37)		239		(528)		116		63		1,191
Less: Reclassification adjustments for gains (losses) realized1	(191)		—		10		—		—		—		(181)
Less: Income tax expense (benefit)	312		(8)		48		(110)		24		7		273
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax	260		—		62		(169)		12		23		188
Balance at March 31, 2025	$	(8,217)	$	(313)	$	—	$	3,986	$	(23)	$	(16)	$	(4,583)

1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


(In millions)	Unrealized investment gains (losses) on AFS securities without a credit allowance		Unrealized investment gains (losses) on AFS securities with a credit allowance		Unrealized gains (losses) on hedging instruments		Remeasurement gains (losses) on future policy benefits related to discount rate		Remeasurement gains (losses) on market risk benefits related to credit risk		Foreign currency translation and other adjustments		Accumulated other comprehensive income (loss)
Balance at December 31, 2023	$	(8,675)	$	(289)	$	(81)	$	3,458	$	3	$	9	$	(5,575)

Other comprehensive income (loss) before reclassifications	(546)		(145)		(58)		803		(28)		(32)		(6)
Less: Reclassification adjustments for gains (losses) realized1	47		—		18		—		—		—		65
Less: Income tax expense (benefit)	(117)		(30)		(16)		168		(6)		(3)		(4)
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax	(188)		—		(13)		214		(2)		(13)		(2)
Balance at March 31, 2024	$	(8,963)	$	(404)	$	(128)	$	3,879	$	(17)	$	(7)	$	(5,640)

1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations.

14. Earnings per Share

The following presents basic and diluted net income (loss) per share of common stock computed using the two-class method:


	Basic and Diluted
	Three months ended March 31,
(In millions, except share and per share amounts)	2025		2024
Numerator:
Net income (loss) attributable to common stockholders	$	418	$	1,403
Dividends declared on common stock1	(264)		(245)
Dividends on participating securities2	(14)		(14)
Earnings allocable to participating securities	(3)		(29)
Undistributed income (loss) attributable to common stockholders: Basic	137		1,115
Dilution effect on distributable income attributable to Mandatory Convertible Preferred Stock	—		24

Undistributed income (loss) attributable to common stockholders: Diluted	$	137	$	1,139
Denominator:
Weighted average number of shares of common stock outstanding: Basic	587,258,883		588,120,328
Dilution effect of Mandatory Convertible Preferred Stock	—		14,524,410
Dilution effect of options	1,107,075		1,111,770
Dilution effect of warrants	4,618,883		1,622,201

Weighted average number of shares of common stock outstanding: Diluted	592,984,841		605,378,709
Net income (loss) per share of common stock: Basic
Distributed income	$	0.46	$	0.43
Undistributed income (loss)	0.22		1.88
Net income (loss) per share of common stock: Basic	$	0.68	$	2.31
Net income (loss) per share of common stock: Diluted
Distributed income	$	0.46	$	0.43
Undistributed income (loss)	0.22		1.85
Net income (loss) per share of common stock: Diluted	$	0.68	$	2.28

1 See note 13 for information regarding quarterly dividends.
2 Participating securities consist of vested and unvested RSUs that have rights to dividends and unvested restricted shares.

The Company has granted RSUs that provide the right to receive, subject to vesting during continued employment, shares of common stock pursuant to the Equity Plan.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Any dividend equivalent paid to an employee on RSUs will not be returned to the Company upon forfeiture of the award by the employee. Vested and unvested RSUs that are entitled to non-forfeitable dividend equivalents qualify as participating securities and are included in the Company’s basic and diluted earnings per share computations using the two-class method. The holder of an RSU participating security would have a contractual obligation to share in the losses of the entity if the holder is obligated to fund the losses of the issuing entity or if the contractual principal or mandatory redemption amount of the participating security is reduced as a result of losses incurred by the issuing entity. The RSU participating securities do not have a mandatory redemption amount and the holders of the participating securities are not obligated to fund losses; therefore, neither the vested RSUs nor the unvested RSUs are subject to any contractual obligation to share in losses of the Company.

The following table summarizes the anti-dilutive securities:


	Three months ended March 31,
	2025	2024
Weighted average unvested RSUs	11,691,682	13,915,071

Weighted average unexercised warrants	414,286	—
Weighted average Mandatory Convertible Preferred Stock	14,538,803	—
Weighted average unvested restricted shares	1,167,810	1,482,036

15. Related Parties

Asset Management

Due from/ to related parties

Due from/ to related parties includes:

unpaid management fees, transaction and advisory fees and reimbursable expenses from the funds Apollo manages and their portfolio companies;
reimbursable payments for certain operating costs incurred by these funds as well as their related parties; and
other related party amounts arising from transactions, including loans to employees and periodic sales of ownership interests in funds managed by Apollo.

Due from related parties and Due to related parties consisted of the following as of March 31, 2025 and December 31, 2024:


(In millions)	March 31, 2025		December 31, 2024
Due from Related Parties:
Due from funds1	$	461	$	430
Due from portfolio companies	63		48
Due from employees and former employees	110		106
Total Due from Related Parties	$	634	$	584
Due to Related Parties:
Due to Former Managing Partners and Contributing Partners	$	406	$	406
Due to funds	211		229
Due to portfolio companies	91		75
Total Due to Related Parties	$	708	$	710

1 Includes $18 million and $27 million as of March 31, 2025 and December 31, 2024, respectively, related to a receivable from a fund in connection with the Company’s sale of a platform investment to such fund. The amount is payable to the Company over five years and is held at fair value.

Tax Receivable Agreement

All Apollo Operating Group entities have made, or will make, an election under Section 754 of the U.S. Internal Revenue Code (“IRC”). The election results in an increase to the tax basis of underlying assets which will reduce the amount of gain and associated tax that AGM and its subsidiaries will otherwise be required to pay in the future.

The tax receivable agreement (“TRA”) provides for payment to the Former Managing Partners and Contributing Partners of 85% of the amount of cash tax savings, if any, in U.S. federal, state, local and foreign income taxes the Company realizes as a

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

result of the increases in tax basis of assets resulting from exchanges of AOG Units for Class A shares that have occurred in prior years. AGM and its subsidiaries retain the benefit of the remaining 15% of actual cash tax savings. If the Company does not make the required annual payment on a timely basis as outlined in the tax receivable agreement, interest is accrued on the balance until the payment date.

Following the closing of the Mergers, as the Former Managing Partners and Contributing Partners no longer own AOG Units, there were no new exchanges subject to the TRA.

Due from Employees and Former Employees

As of March 31, 2025 and December 31, 2024, due from related parties includes various amounts due to Apollo, including employee loans and return of profit-sharing distributions. As of March 31, 2025 and December 31, 2024, the balance includes interest-bearing employee loans receivable of $11 million and $4 million, respectively. The outstanding principal amount of the loans as well as all accrued and unpaid interest is required to be repaid on a specified date, either during the relevant employee’s tenure or at the date of the relevant employee’s resignation, in accordance with the contractual terms of each respective loan arrangement.

The receivable from certain employees and former employees includes an amount for the potential return of profit-sharing distributions that would be due if certain funds were liquidated of $85 million and $94 million at March 31, 2025 and December 31, 2024, respectively.

Indemnity

Certain of the performance revenues Apollo earns from funds may be subject to repayment by its subsidiaries that are general partners of the funds in the event that certain specified return thresholds are not ultimately achieved. The Former Managing Partners, Contributing Partners and certain other investment professionals have personally guaranteed, subject to certain limitations, the obligations of these subsidiaries in respect of this obligation. Such guarantees are several and not joint and are limited to a particular individual’s distributions. Apollo has agreed to indemnify each of the Former Managing Partners and certain Contributing Partners against all amounts that they pay pursuant to any of these personal guarantees in favor of certain funds that it manages (including costs and expenses related to investigating the basis for or objecting to any claims made in respect of the guarantees) for all interests that the Former Managing Partners and Contributing Partners contributed or sold to the Apollo Operating Group.

Apollo recorded an indemnification liability of $0.4 million and $0.4 million as of March 31, 2025 and December 31, 2024, respectively.

Due to Related Parties

Based upon an assumed liquidation of certain of the funds Apollo manages, it has recorded a general partner obligation to return previously distributed performance allocations, which represents amounts due to certain funds. The obligation is recognized based upon an assumed liquidation of a fund’s net assets as of the reporting date. The actual determination and any required payment would not take place until the final disposition of a fund’s investments based on the contractual termination of the fund or as otherwise set forth in the respective governing document of the fund.

Apollo recorded general partner obligations to return previously distributed performance allocations related to certain funds of $191 million and $213 million as of March 31, 2025 and December 31, 2024, respectively.

Athora

Apollo, through ISGI, provides investment advisory services to certain portfolio companies of funds managed by Apollo and Athora, a strategic liabilities platform that acquires or reinsures blocks of insurance business in the German and broader European life insurance market (collectively, the “Athora Accounts”). AAM and its subsidiaries had equity commitments outstanding to Athora of up to $346 million as of March 31, 2025, subject to certain conditions. Subsequently, $270 million of such outstanding commitments expired on April 1, 2025.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Athora Sub-Advised

Apollo provides sub-advisory services with respect to a portion of the assets in certain portfolio companies of funds managed by Apollo and the Athora Accounts. Apollo broadly refers to “Athora Sub-Advised” assets as those assets in the Athora Accounts which Apollo explicitly sub-advises as well as those assets in the Athora Accounts which are invested directly in funds and investment vehicles Apollo manages.

Apollo earns a base management fee on the aggregate market value of substantially all of the investment accounts of or relating to Athora and also a sub-advisory fee on the Athora Sub-Advised assets, which varies depending on the specific asset class.

See “—Athora” in the Retirement Services section below for further details on Athene’s relationship with Athora.

Regulated Entities and Affiliated Service Providers

Apollo Global Securities, LLC (“AGS”) is a registered broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority, subject to the minimum net capital requirements of the SEC. AGS was in compliance with these requirements as of March 31, 2025. From time to time AGS, as well as other Apollo affiliates, provide services to related parties of Apollo, including Apollo funds and their portfolio companies, whereby the Company or its affiliates earn fees for providing such services.

Griffin Capital Securities, LLC (“GCS”) is a registered broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority, subject to the minimum net capital requirements of the SEC. GCS was in compliance with these requirements as of March 31, 2025.

Retirement Services

AAA

Athene consolidates AAA as a VIE and AAA holds the majority of Athene’s alternative investment portfolio. Apollo established AAA to provide a single vehicle through which investors may participate in a portfolio of alternative investments, including those managed by Apollo. Additionally, the Company believes AAA enhances its ability to increase alternative assets under management by raising capital from third parties, which allows it to achieve greater scale and diversification for alternatives.

Athora

Athene has an amended and restated cooperation agreement with Athora, pursuant to which, among other things, (1) for a period of 30 days from the receipt of notice of a cession, Athene has the right of first refusal to reinsure (i) up to 50% of the liabilities ceded from Athora’s reinsurance subsidiaries to Athora Life Re Ltd. and (ii) up to 20% of the liabilities ceded from a third party to any of Athora’s insurance subsidiaries, subject to a limitation in the aggregate of 20% of Athora’s liabilities, and (2) Athora agreed to cause its insurance subsidiaries to consider the purchase of certain funding agreements and/or other spread instruments issued by Athene’s insurance subsidiaries, subject to a limitation that the fair market value of such funding agreements purchased by any of Athora’s insurance subsidiaries may generally not exceed 3% of the fair market value of such subsidiary’s total assets. Notwithstanding the foregoing, pursuant to the cooperation agreement, Athora is only required to use its reasonable best efforts to cause its subsidiaries to adhere to the provisions set forth in the cooperation agreement and therefore Athora’s ability to cause its subsidiaries to act pursuant to the cooperation agreement may be limited by, among other things, legal prohibitions or the inability to obtain the approval of the board of directors or other applicable governing body of the applicable subsidiary, which approval is solely at the discretion of such governing body. As of March 31, 2025, Athene had not exercised its right of first refusal to reinsure liabilities ceded to Athora’s insurance or reinsurance subsidiaries.

The following table summarizes Athene’s investments in Athora:


(In millions)	March 31, 2025		December 31, 2024
Investment fund	$	1,071	$	1,033
Non-redeemable preferred equity and corporate debt securities	289		277
Total investment in Athora	$	1,360	$	1,310

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Additionally, as of March 31, 2025 and December 31, 2024, Athene had $59 million and $57 million, respectively, of funding agreements outstanding to Athora. Athene also had commitments to make additional investments in Athora of $524 million as of March 31, 2025. Subsequently, $270 million of such outstanding commitments expired on April 1, 2025.

Atlas

Athene has an equity investment in Atlas, an asset-backed specialty lender, through its investment in AAA and, as of March 31, 2025 and December 31, 2024, Athene held $4.0 billion and $3.2 billion, respectively, of AFS securities issued by Atlas or its affiliates. Athene also held $766 million and $724 million of reverse repurchase agreements issued by Atlas as of March 31, 2025 and December 31, 2024, respectively. As of March 31, 2025, Athene has commitments to make additional investments in Atlas of $2.2 billion. Additionally, see note 16 for further information on assurance letters issued in support of Atlas.

Catalina

Athene has a strategic modco reinsurance agreement with certain affiliates of Catalina Holdings (Bermuda) Ltd. (together with its subsidiaries, “Catalina”) to cede certain inforce funding agreements. Athene elected the fair value option on this agreement and had a liability of $207 million and $221 million as of March 31, 2025 and December 31, 2024, respectively, which is included in other liabilities on the condensed consolidated statements of financial condition. Athene also has a modco reinsurance agreement with Catalina to cede a quota share of retail deferred annuity products. As of March 31, 2025 and December 31, 2024, Athene had a reinsurance recoverable balance of $4.8 billion and $4.3 billion, respectively, related to this agreement.

Skylign

Athene has investments in Skylign Aviation Holdings, LP (“Skylign”), a leading aviation finance group focused on aviation lending and leasing, both directly through notes issued by PK AirFinance, a subsidiary of Skylign, and indirectly through AAA. As of March 31, 2025 and December 31, 2024, Athene held $1.5 billion and $1.6 billion, respectively, of Skylign senior notes, which are included in investments in related parties on the condensed consolidated statements of financial condition. Athene has commitments to make additional investments in Skylign of $40 million as of March 31, 2025.

Venerable

VA Capital Company LLC (“VA Capital”) is owned by a consortium of investors, led by affiliates of Apollo, Crestview Partners III Management, LLC and Reverence Capital Partners L.P., and is the parent of Venerable. Athene has a minority equity investment in VA Capital, which was $178 million and $178 million as of March 31, 2025 and December 31, 2024, respectively, that is included in investments in related parties on the condensed consolidated statements of financial condition and accounted for as an equity method investment. Additionally, Athene consolidates AP Violet ATH Holdings, L.P. and its investment primarily represents an interest in VA Capital, which was $109 million and $106 million as of March 31, 2025 and December 31, 2024, respectively.

Athene also has coinsurance and modco agreements with VIAC, which is a subsidiary of Venerable. VIAC is a related party due to Athene’s investment in VA Capital.

Additionally, Athene has term loans receivable from Venerable due in 2033, which are included in investments in related parties on the condensed consolidated statements of financial condition. The loans are held at fair value and were $340 million and $331 million as of March 31, 2025 and December 31, 2024, respectively. While management viewed the overall transactions with Venerable as favorable to Athene, the stated interest rate of 6.257% on the initial term loan to Venerable represented a below-market interest rate, and management considered such rate as part of its evaluation and pricing of the reinsurance transactions.

Wheels

Athene invests in Wheels Inc. (“Wheels”) indirectly through its investment in AAA. As of March 31, 2025 and December 31, 2024, Athene also owned $1.0 billion and $1.0 billion, respectively, of AFS securities issued by Wheels, which are included in investments in related parties on the condensed consolidated statements of financial condition. Athene also has commitments to make additional investments in Wheels of $45 million as of March 31, 2025.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Apollo/Athene Dedicated Investment Programs

Athene’s subsidiary, ACRA 1 is partially owned by ADIP I, a series of funds managed by Apollo. Athene’s subsidiary, ALRe, currently directly holds 37% of the economic interests in ACRA 1 and all of ACRA 1’s voting interests, with ADIP I holding the remaining 63% of the economic interests. Athene’s subsidiary, ACRA 2, is partially owned by ADIP II, a fund managed by Apollo. ADIP II owns 63% of the economic interests in ACRA 2, with ALRe directly owning the remaining 37% of the economic interests. ALRe holds all of ACRA 2’s voting interests.

Athene received capital contributions and paid distributions relating to ACRA of the following:


	Three months ended March 31,
(In millions)		2025		2024
Contributions from ADIP		$	—	$	405
Distributions to ADIP		(95)		(254)

As of March 31, 2025 and December 31, 2024, Athene held investments in ADIP of $236 million and $238 million, respectively, which are accounted for as equity method investments and included in investments in related parties on the condensed consolidated statements of financial condition. As of March 31, 2025, Athene has commitments to make additional investments in ADIP of $311 million.

16. Commitments and Contingencies

Investment Commitments

The Company has unfunded capital commitments of $495 million as of March 31, 2025 related to the funds it manages. Separately, Athene had commitments to make investments, inclusive of related party commitments discussed previously and those of its consolidated VIEs, of $29.0 billion as of March 31, 2025. Athene’s commitments primarily include capital contributions to investment funds and mortgage loan commitments. The Company expects most of the current commitments will be invested over the next five years; however, these commitments could become due any time upon counterparty request.

Contingent Obligations

Performance allocations with respect to certain funds are subject to reversal in the event of future losses to the extent of the cumulative revenues recognized in income to date. If all of the existing investments became worthless, the amount of cumulative revenues that have been recognized by Apollo through March 31, 2025 and that could be reversed approximates $5.5 billion. Performance allocations are affected by changes in the fair values of the underlying investments in the funds that Apollo manages. Valuations, on an unrealized basis, can be significantly affected by a variety of external factors including, but not limited to, bond yields and industry trading multiples. Movements in these items can affect valuations quarter to quarter even if the underlying business fundamentals remain stable. Management views the possibility of all of the investments becoming worthless as remote.

Additionally, at the end of the life of certain funds, Apollo may be obligated as general partner, to repay the funds’ performance allocations received in excess of what was ultimately earned. This obligation amount, if any, will depend on final realized values of investments at the end of the life of each fund or as otherwise set forth in the partnership agreement of the fund.

Certain funds may not generate performance allocations as a result of unrealized and realized losses that are recognized in the current and prior reporting periods. In certain cases, performance allocations will not be generated until additional unrealized and realized gains occur. Any appreciation would first cover the deductions for invested capital, unreturned organizational expenses, operating expenses, management fees and priority returns based on the terms of the respective fund agreements.

One of Apollo’s subsidiaries, AGS, provides underwriting commitments in connection with securities offerings of related parties of Apollo, including portfolio companies of the funds Apollo manages, as well as third parties. As of March 31, 2025, AGS had unfunded contingent commitments of $106 million outstanding related to such offerings. The commitments expired on April 1, 2025 with no funding on the part of Apollo.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

AGS has entered into an arrangement with certain funds managed by State Street Global Advisors (“SSG”) to provide firm bids for certain securities sold to SSG managed funds. These firm bids are at market prices determined by AGS on an intra-daily basis, which if accepted by SSG, would obligate AGS to purchase the securities at such prices. The total obligation of AGS to provide these firm bids is limited to 25% of the prior day's end-of-day net asset value of the securities held by SSG that were originated from AGS, with an additional weekly cap set at 50% of the net asset value from five trading days prior.

The Company, along with a third-party institutional investor, has committed to provide financing to a consolidated VIE that invests across Apollo’s capital markets platform (such VIE, the “Apollo Capital Markets Partnership”). Pursuant to these arrangements, the Company has committed equity financing to the Apollo Capital Markets Partnership. The Apollo Capital Markets Partnership also has a revolving credit facility with Sumitomo Mitsui Banking Corporation, as lead arranger, administrative agent and letter of credit issuer, Mizuho Bank Ltd., and other lenders party thereto, pursuant to which it may borrow up to $2.5 billion. The revolving credit facility, which has a final maturity date of October 16, 2026, is non-recourse to the Company, except that the Company provided customary comfort letters with respect to its capital contributions to the Apollo Capital Markets Partnership. As of March 31, 2025, the Apollo Capital Markets Partnership had funded commitments of $302.2 million, on a net basis, to transactions across Apollo’s capital markets platform, all of which were funded through the revolving credit facility and other asset-based financing. No capital had been funded by the Company to the Apollo Capital Markets Partnership pursuant to its commitment.

Whether the commitments of the Apollo Capital Markets Partnership are actually funded, in whole or in part, depends on the contractual terms of such commitments, including the satisfaction or waiver of any conditions to closing or funding. It is expected that between the time the Apollo Capital Markets Partnership makes a commitment and funding of such commitment, efforts will be made to syndicate such commitment to, among others, third parties, which should reduce its risk when committing to certain transactions. The Apollo Capital Markets Partnership may also, with respect to a particular transaction, enter into other arrangements with third parties which reduce its commitment risk.

In connection with the acquisition of Stone Tower in 2012, Apollo agreed to pay its former owners a specified percentage of future performance revenues earned from certain of its funds, CLOs, and strategic investment accounts. This obligation was determined based on the present value of estimated future performance revenue payments and is recorded in other liabilities. The fair value of the remaining contingent obligation was $55 million and $67 million as of March 31, 2025 and December 31, 2024, respectively. This contingent consideration obligation is remeasured to fair value at each reporting period until the obligations are satisfied. The changes in the fair value of the Stone Tower contingent consideration obligation is reflected in profit sharing expense within compensation and benefits in the condensed consolidated statements of operations.

Funding Agreements

Athene is a member of the Federal Home Loan Bank of Des Moines (“FHLB”) and, through its membership, has issued funding agreements to the FHLB in exchange for cash advances. As of March 31, 2025 and December 31, 2024, Athene had $17.2 billion and $15.6 billion, respectively, of FHLB funding agreements outstanding. Athene is required to provide collateral in excess of the funding agreement amounts outstanding, considering any discounts to the securities posted and prepayment penalties.

Athene has a FABN program, which allows Athene Global Funding, a special purpose, unaffiliated statutory trust, to offer its senior secured medium-term notes. Athene Global Funding uses the net proceeds from each sale to purchase one or more funding agreements from Athene. As of March 31, 2025 and December 31, 2024, Athene had $28.3 billion and $24.1 billion, respectively, of FABN funding agreements outstanding. Athene had $6.4 billion of board-authorized FABN capacity remaining as of March 31, 2025.

Athene also issues secured and other funding agreements. Secured funding agreements involve special-purpose, unaffiliated entities entering into repurchase agreements with a third party, the proceeds of which are used by the special-purpose entities to purchase funding agreements from Athene. As of March 31, 2025 and December 31, 2024, Athene had $18.0 billion and $14.8 billion, respectively, of secured and other funding agreements outstanding.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Pledged Assets and Funds in Trust (Restricted Assets)

Athene’s restricted investments and cash balances included on the condensed consolidated statements of financial condition are as follows:


(In millions)	March 31, 2025		December 31, 2024
AFS securities	$	47,877	$	46,337
Trading securities	1,891		1,665
Equity securities	236		286
Mortgage loans	31,686		27,883
Investment funds	301		777
Derivative assets	141		91
Short-term investments	—		2
Other investments	1,579		1,507
Restricted cash and cash equivalents	2,220		953
Total restricted assets	$	85,931	$	79,501

The restricted assets are primarily related to reinsurance trusts established in accordance with coinsurance agreements and the FHLB and secured funding agreements described above.

Letters of Credit

Athene has undrawn letters of credit totaling $1.1 billion as of March 31, 2025. These letters of credit were issued for Athene’s reinsurance program and have expirations through May 22, 2028.

Atlas

In connection with the Company and CS’s previously announced transaction, whereby Atlas acquired certain assets of the CS Securitized Products Group, two subsidiaries of the Company have each issued an assurance letter to CS to guarantee the full five year deferred purchase obligation of Atlas in the amount of $3.3 billion. In March 2024, in connection with Atlas concluding its investment management agreement with CS, the deferred purchase obligation amount was reduced to $2.5 billion. In addition, certain strategic investors have made equity commitments to Atlas which therefore obligates these investors for a portion of the deferred purchase obligation. The Company’s guarantee is not probable of payment, therefore, there is no liability on the Company’s condensed consolidated financial statements.

Litigation and Regulatory Matters

The Company is party to various legal actions arising from time to time in the ordinary course of business, including claims and lawsuits, arbitrations, reviews, investigations or proceedings by governmental and self-regulatory agencies regarding the Company’s business.

On December 21, 2017, several entities referred to collectively as “Harbinger” commenced an action in New York Supreme Court captioned Harbinger Capital Partners II LP et al. v. Apollo Global Management LLC, et al. (No. 657515/2017). The complaint named as defendants AAM, and funds managed by Apollo that invested in SkyTerra Communications, Inc. (“SkyTerra”), among others. The complaint alleged that during the period of Harbinger’s various equity and debt investments in SkyTerra from 2004 to 2010, the defendants concealed from Harbinger material defects in SkyTerra technology. The complaint further alleged that Harbinger would not have made investments in SkyTerra totaling approximately $1.9 billion had it known of the defects, and that the public disclosure of these defects ultimately led to SkyTerra filing for bankruptcy in 2012 (after it had been renamed LightSquared). The complaint sought $1.9 billion in damages, as well as punitive damages, interest, costs, and fees. On June 12, 2019, Harbinger voluntarily discontinued the state action without prejudice. On June 8, 2020, Harbinger refiled its litigation in New York Supreme Court, captioned Harbinger Capital Partners II, LP et al. v. Apollo Global Management, LLC et al. (No. 652342/2020). The complaint adds eight new defendants and three new claims relating to Harbinger’s contention that the new defendants induced Harbinger to buy CCTV One Four Holdings, LLC (“CCTV”) to support SkyTerra’s network even though they allegedly knew that the network had material defects. On November 23, 2020, Defendants refiled a bankruptcy motion, and on November 24, 2020, filed in the state court a motion to stay the state court proceedings pending a ruling by the bankruptcy court on the bankruptcy motion. On February 1, 2021, the bankruptcy court

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

denied the bankruptcy motion. Defendants filed their motions to dismiss the New York Supreme Court action on March 31, 2021, which were granted in part and denied in part on May 23, 2023. The court granted in full the Defendants’ motion to dismiss Harbinger’s complaint as time-barred and denied as moot the Defendants’ motion to dismiss the complaint for failure to state a claim. On March 18, 2025, the New York Supreme Court Appellate Division, First Department affirmed the court’s ruling. On April 17, 2025, plaintiffs filed a motion for re-argument or, in the alternative, leave to appeal to the Court of Appeals. Apollo believes the claims in this action are without merit. No reasonable estimate of possible loss, if any, can be made at this time.

In March 2020, Frank Funds, which claims to be a former shareholder of MPM Holdings, Inc. (“MPM”), commenced an action in the Delaware Court of Chancery, captioned Frank Funds v. Apollo Global Management, Inc., et al., C.A. No. 2020-0130, against AAM, certain former MPM directors (including three Apollo officers and employees), and members of the consortium that acquired MPM in a May 2019 merger. The complaint asserted, on behalf of a putative class of former MPM shareholders, a claim against Apollo for breach of its fiduciary duties as MPM’s alleged controlling shareholder in connection with the May 2019 merger. Frank Funds seeks unspecified compensatory damages. On July 23, 2019, a group of former MPM shareholders filed an appraisal petition in Delaware Chancery Court seeking the fair value of their MPM shares that were purchased through MPM’s May 15, 2019 merger, in an action captioned In re Appraisal of MPM Holdings, Inc., C.A. No. 2019-0519 (Del. Ch.). On June 3, 2020, petitioners moved for leave to file a verified amended appraisal petition and class-action complaint that included claims for breach of fiduciary duty and/or aiding and abetting breaches of fiduciary duty against AAM, the Apollo-affiliated fund that owned MPM’s shares before the merger, certain former MPM directors (including three Apollo employees), and members of the consortium that acquired MPM, based on alleged actions related to the May 2019 merger. The petitioners also sought to consolidate their appraisal proceeding with the Frank Funds action. On November 13, 2020, the Chancery Court granted the parties’ stipulated order to consolidate the two matters, and on December 21, 2020, the Chancery Court granted petitioners’ motion for leave to file the proposed amended complaint. This new consolidated action is captioned In Re MPM Holdings Inc. Appraisal and Stockholder Litigation, C.A. No. 2019-0519 (Del Ch.). On November 17, 2023, Plaintiff and Defendants filed a stipulation of settlement with the Chancery Court. On February 23, 2024, the Chancery Court held a hearing on the proposed settlement. On April 16, 2025, the Court issued final approval of the settlement.

On August 4, 2020, a putative class action complaint was filed in the United States District Court for the District of Nevada against PlayAGS Inc. (“PlayAGS”), all of the members of PlayAGS’s board of directors (including three directors who are affiliated with Apollo), certain underwriters of PlayAGS (including Apollo Global Securities, LLC), as well as AAM, Apollo Investment Fund VIII, L.P., Apollo Gaming Holdings, L.P., and Apollo Gaming Voteco, LLC (these last four parties, together, the “Apollo Defendants”). The complaint asserted claims against all defendants arising under the Securities Act of 1933 in connection with certain secondary offerings of PlayAGS stock conducted in August 2018 and March 2019, alleging that the registration statements issued in connection with those offerings did not fully disclose certain business challenges facing PlayAGS. The complaint further asserted a control person claim under Section 20(a) of the Exchange Act against the Apollo Defendants and the director defendants (including the directors affiliated with Apollo), alleging such defendants were responsible for certain misstatements and omissions by PlayAGS about its business. On December 2, 2022, the Court dismissed all claims against the underwriters (including Apollo Global Securities, LLC) and the Apollo Defendants, but allowed a claim against PlayAGS and two of PlayAGS’s executives to proceed. On February 13, 2024, the Court dismissed the entire case against all defendants, with prejudice, and instructed the clerk of the court to close the case. On March 27, 2025, the U.S. Court of Appeals for the Ninth Circuit affirmed, in full, the District Court’s dismissal of claims against all defendants. Apollo believes the claims in this action are without merit. No reasonable estimate of possible loss, if any, can be made at this time.

On August 17, 2023, a purported stockholder of AGM filed a shareholder derivative complaint (the “Original Complaint”) in the Court of Chancery of the State of Delaware against current AGM directors Marc Rowan, Scott Kleinman, James Zelter, Alvin Krongard, Michael Ducey, and Pauline Richards, Apollo Former Managing Partners Leon Black and Joshua Harris, and, as a nominal defendant, AGM. The action is captioned Anguilla Social Security Board vs. Black et al., C.A. No. 2023-0846-JTL and challenges the $570 million payments being made to the Former Managing Partners and Contributing Partners in connection with the elimination of the Up-C structure that was in place prior to Apollo’s merger with Athene. As previously disclosed in Apollo’s SEC filings, this purported stockholder previously had sought and received documents relating to the transaction pursuant to Section 220 of the Delaware General Corporation Law. The Original Complaint alleged that the challenged payments amount to corporate waste, that the Former Managing Partners and Contributing Partners received payments in connection with the Corporate Recapitalization that exceed fair value and therefore breached their fiduciary duties, and that the independent conflicts committee of the AAM board of directors (which then consisted of Mr. Krongard, Mr. Ducey, and Ms. Richards) that negotiated the elimination of the TRA breached their fiduciary duties. The Original Complaint alleged that pre-suit demand was futile because a majority of AGM’s board is either not independent from the Former Managing Partners or face a substantial likelihood of liability in light of the challenges to the transaction. The Original

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Complaint sought, among other things, declaratory relief, unspecified monetary damages, interest, restitution, disgorgement, injunctive relief, costs, and attorneys’ fees. On November 16, 2023, the defendants moved to dismiss the Original Complaint on the basis that, among other things, the plaintiff failed to make a pre-suit demand on the Apollo board of directors. On February 9, 2024, the plaintiff filed an amended complaint (the “Amended Complaint”) that adds new factual allegations but names the same defendants, asserts the same causes of action, and seeks the same relief as the Original Complaint. The Amended Complaint alleges that pre-suit demand was futile for the same reasons alleged in the Original Complaint. On April 25, 2024, the defendants moved to dismiss the Amended Complaint. On September 20, 2024, the Court of Chancery denied the defendants’ motion to dismiss. AGM and the defendants filed answers to the Amended Complaint on November 25, 2024.  On October 28, 2024, the AGM board of directors adopted resolutions forming a Special Litigation Committee (the “SLC”) comprising directors whom the board determined to be independent and disinterested. The AGM board of directors delegated to the SLC, among other things, the full and exclusive power and authority of the board to investigate, review and evaluate the facts and circumstances asserted in the litigation and determine whether pursuing the litigation is in the best interests of AGM and its stockholders. Pursuant to an order of the court, all proceedings in the litigation are stayed until August 8, 2025, to allow the SLC to complete its investigation. No reasonable estimate of possible loss, if any, can be made at this time.

On March 14, 2024, a purported stockholder of AGM filed a class action complaint in the Court of Chancery of the State of Delaware against AGM. The complaint alleges, among other things, that certain provisions of the stockholders agreement, entered into on January 1, 2022 between AGM and the Former Managing Partners, violate Delaware law. Apollo believes the claims in this action are without merit. On July 11, 2024, defendants moved to dismiss. On August 7, 2024, the court entered an order staying the motion to dismiss pending the resolution of the appeal of the decision in West Palm Beach Firefighters’ Pension Fund v. Moelis & Co., 311 A.3d 809 (Del. Ch. 2024). No reasonable estimate of possible loss, if any, can be made at this time.

As previously disclosed, certain of Apollo’s investment adviser subsidiaries received a request for information and documents from the SEC in connection with an industry sweep concerning compliance with record retention requirements relating to business communications sent or received via electronic messaging channels. Apollo reached a settlement with the SEC in January 2025 to resolve this matter, paying a civil monetary penalty of $8.5 million, reflected in general, administrative and other in the consolidated statement of operations for the year ended December 31, 2024. As the SEC acknowledged, before the investigation started, Apollo pursued and began implementing technological solutions to permit its personnel to send and receive text messages and chats in a compliant manner.

17. Segments

The Company conducts its business through three reportable segments: (i) Asset Management, (ii) Retirement Services and (iii) Principal Investing. Segment information is utilized by the Company’s chief operating decision maker (“CODM”) to assess performance and to allocate resources. AGM’s CEO is the CODM, who is also solely responsible for decisions related to the allocation of resources on a company-wide basis.

For each segment, the CODM uses the key measure of Segment Income to allocate resources (including employees, financial or capital resources) to that segment in the annual budget and forecasting process. The performance is measured by the Company’s chief operating decision maker on an unconsolidated basis because the chief operating decision maker makes operating decisions and assesses the performance of each of the Company’s business segments based on financial and operating metrics and data that exclude the effects of consolidation of any of the affiliated funds.

Segment Income

Segment Income is the key performance measure used by management in evaluating the performance of the asset management, retirement services, and principal investing segments. Management uses Segment Income to make key operating decisions such as the following:

decisions related to the allocation of resources such as staffing decisions, including hiring and locations for deployment of the new hires;
decisions related to capital deployment such as providing capital to facilitate growth for the business and/or to facilitate expansion into new businesses;
decisions related to expenses, such as determining annual discretionary bonuses and equity-based compensation awards to its employees. With respect to compensation, management seeks to align the interests of certain

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

professionals and selected other individuals with those of the investors in the funds and those of Apollo’s stockholders by providing such individuals a profit sharing interest in the performance fees earned in relation to the funds. To achieve that objective, a certain amount of compensation is based on Apollo’s performance and growth for the year; and

decisions related to the amount of earnings available for dividends to common stockholders and holders of equity-based awards that participate in dividends.

Segment Income is a measure of profitability and has certain limitations in that it does not take into account certain items included under U.S. GAAP. Segment Income is the sum of (i) Fee Related Earnings, (ii) Spread Related Earnings and (iii) Principal Investing Income. Segment Income excludes the effects of the consolidation of any of the related funds, interest and other financing costs related to AGM not attributable to any specific segment, taxes and related payables, transaction-related charges and other non-operating expenses. Transaction-related charges includes equity-based compensation charges, the amortization of intangible assets, contingent consideration, and certain other charges associated with acquisitions, and restructuring charges. Non-operating expenses includes certain charitable contributions and other non-operating expenses. In addition, Segment Income excludes non-cash revenue and expense related to equity awards granted by unconsolidated related parties to employees of the Company, compensation and administrative related expense reimbursements, as well as the assets, liabilities and operating results of the funds and VIEs that are included in the condensed consolidated financial statements.

Segment Income may not be comparable to similarly titled measures used by other companies and is not a measure of performance calculated in accordance with U.S. GAAP. We use Segment Income as a measure of operating performance, not as a measure of liquidity. Segment Income should not be considered in isolation or as a substitute for net income or other income data prepared in accordance with U.S. GAAP. The use of Segment Income without consideration of related U.S. GAAP measures is not adequate due to the adjustments described above. Management compensates for these limitations by using Segment Income as a supplemental measure to U.S. GAAP results, to provide a more complete understanding of our performance as management measures it. A reconciliation of Segment Income to its most directly comparable U.S. GAAP measure of income (loss) before income tax provision can be found in this footnote.

Fee Related Earnings

Fee Related Earnings (“FRE”) is a component of Segment Income that is used to assess the performance of the Asset Management segment. FRE is the sum of (i) management fees, (ii) capital solutions and other related fees, (iii) fee-related performance fees from indefinite term vehicles, that are measured and received on a recurring basis and not dependent on realization events of the underlying investments, excluding performance fees from Athene and performance fees from origination platforms dependent on capital appreciation, and (iv) other income, net, less (a) fee-related compensation, excluding equity-based compensation, (b) non-compensation expenses incurred in the normal course of business, (c) placement fees and (d) non-controlling interests in the management companies of certain funds the Company manages.

Spread Related Earnings

Spread Related Earnings (“SRE”) is a component of Segment Income that is used to assess the performance of the Retirement Services segment, excluding certain market volatility, which consists of investment gains (losses), net of offsets, and non-operating change in insurance liabilities and related derivatives, and certain expenses related to integration, restructuring, equity-based compensation, and other expenses. For the Retirement Services segment, SRE equals the sum of (i) the net investment earnings on Athene’s net invested assets and (ii) management fees received on business managed for others, less (x) cost of funds, (y) operating expenses excluding equity-based compensation and (z) financing costs, including interest expense and preferred dividends, if any, paid to Athene preferred stockholders.

Principal Investing Income

Principal Investing Income (“PII”) is a component of Segment Income that is used to assess the performance of the Principal Investing segment. For the Principal Investing segment, PII is the sum of (i) realized performance fees, including certain realizations received in the form of equity, and (ii) realized investment income, less (x) realized principal investing compensation expense, excluding expense related to equity-based compensation, and (y) certain corporate compensation and non-compensation expenses.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The following presents financial data for the Company’s reportable segments.


	Three months ended March 31,
(In millions)	2025		2024
Asset Management
Management fees1	$	770	$	652
Capital solutions fees and other, net	154		141
Fee-related performance fee	54		46
Fee-related compensation	(259)		(220)
Other operating expenses	(160)		(157)
Fee Related Earnings	559		462

Retirement Services
Fixed income and other net investment income	2,914		2,454
Alternative net investment income	315		266
Strategic capital management fees	29		25
Cost of funds	(2,210)		(1,723)
Other operating expenses	(114)		(114)
Interest and other financing costs	(130)		(91)
Spread Related Earnings	804		817

Principal Investing
Realized performance fees2	190		94
Realized investment income	28		14
Principal investing compensation	(188)		(73)
Other operating expenses	(16)		(14)
Principal Investing Income	14		21

Segment Income	$	1,377	$	1,300


	Three months ended March 31,
(In millions)	2025		2024
Segment Revenue
Asset Management1	$	978	$	839
Retirement Services	3,258		2,745
Principal Investing	218		108
Total Segment Revenue	$	4,454	$	3,692


(In millions)	March 31, 2025		December 31, 2024
Segment Assets
Asset Management	$	2,417	$	2,286
Retirement Services	373,331		355,683
Principal Investing	10,213		10,473
Total Assets	$	385,961	$	368,442

1 Includes intersegment management fees from Retirement Services of $361 million and $279 million for the three months ended March 31, 2025 and 2024, respectively.

The following presents the reconciliation of Segment Income and Segment Revenue to income (loss) before income tax (provision) benefit and total revenues reported in the condensed consolidated statements of operations:

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


	Three months ended March 31,
(In millions)	2025		2024
Segment Income	$	1,377	$	1,300
Asset Management Adjustments:
Equity-based profit sharing expense1,5	(30)		(94)
Equity-based compensation	(99)		(74)
Net (income) loss attributable to non-controlling interests in consolidated entities	549		377
Unrealized performance fees5	119		268
Unrealized profit sharing expense5	(105)		(159)
HoldCo interest and other financing costs2	(34)		(15)
Unrealized principal investment (income) loss5	(2)		11
Unrealized net (gains) losses from investment activities5	(61)		16
Transaction-related costs, restructuring and other non-operating expenses3	(276)		(51)
Retirement Services Adjustments:
Investment gains (losses), net of offsets	151		(22)
Non-operating change in insurance liabilities and related derivatives4	(367)		673
Integration, restructuring and other non-operating expenses	(30)		(30)
Equity-based compensation	(11)		(13)
Income (loss) before income tax (provision) benefit	$	1,181	$	2,187

1 Equity-based profit sharing expense includes certain profit sharing arrangements in which a portion of performance fees distributed to the general partner are required to be used by employees of Apollo to purchase restricted shares of common stock or is delivered in the form of RSUs, which are granted under the Equity Plan. Equity-based profit sharing expense and other also includes performance grants which are tied to the Company’s receipt of performance fees, within prescribed periods, sufficient to cover the associated equity-based compensation expense.
2 Represents interest and other financing costs related to AGM not attributable to any specific segment.
3 Transaction-related costs, restructuring and other non-operating expenses includes: (a) contingent consideration, certain equity-based charges, amortization of intangible assets and certain other expenses associated with acquisitions; (b) gains (losses) from changes in the tax receivable agreement liability; (c) merger-related transaction and integration costs associated with Company’s merger with Athene and (d) other non-operating expenses, including the issuance of shares of AGM common stock for charitable contributions. In the three months ended March 31, 2025, other non-operating expenses includes $200 million in charitable contributions related to the issuance of shares to the Apollo DAF in February 2025.
4 Includes change in fair values of derivatives and embedded derivatives, non-operating change in funding agreements, change in fair value of market risk benefits, and non-operating change in liability for future policy benefits.
5 Represents adjustments that primarily impact the Principal Investing segment.

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


	Three months ended March 31,
(In millions)	2025		2024
Segment Revenues	$	4,455	$	3,692
Asset Management Adjustments:
Adjustments related to consolidated funds and VIEs1	95		100
Performance fees2	122		268
Principal investment income (loss)2	(1)		12
Equity awards granted by unconsolidated related parties, reimbursable expenses and other1	143		93
Retirement Services Adjustments:
Premiums, product charges, investment related gains (losses) and other retirement services revenue3	(431)		2,018
Change in fair value of reinsurance assets	63		10
Forward points adjustment on FX derivative hedges	(24)		(51)
Held-for-trading amortization	29		35
Reinsurance impacts	40		64
ACRA non-controlling interests on net investment earnings	1,074		868
Other retirement services adjustments	(17)		(69)
Total Revenues	$	5,548	$	7,040

1 Represents advisory fees, management fees and performance fees earned from consolidated VIEs which are eliminated in consolidation. Includes non-cash revenues related to equity awards granted by unconsolidated related parties to employees of the Company and certain compensation and administrative related expense reimbursements.
2 Represents adjustments that primarily impact the Principal Investing segment.
3 Refer to the consolidated statement of operations for breakout of individual items.

The following table presents the reconciliation of the Company’s total reportable segment assets to total assets:


(In millions)	March 31, 2025		December 31, 2024
Total reportable segment assets	$	385,961	$	368,442
Adjustments1	9,084		9,453
Total assets	$	395,045	$	377,895

1 Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments.

18. Subsequent Events

Dividends

On May 2, 2025, the Company declared a cash dividend of $0.51 per share of common stock, which will be paid on May 30, 2025 to holders of record at the close of business on May 16, 2025.

On May 2, 2025, the Company also declared and set aside for payment a cash dividend of $0.8438 per share of its Mandatory Convertible Preferred Stock, which will be paid on July 31, 2025 to holders of record at the close of business on July 15, 2025.

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